Bitcoin: After the leading crypto Bitcoin broke above $20,000, it managed to maintain this psychological level. However, a popular crypto analyst says there is still trouble in the market. That’s why he says now is not the time to buy.
- 1 “Bitcoin has no bottom formation so I am not buying it yet!”
- 2 Bitcoin, will the bottom be reached soon?
- 3 When will bulls take control of the crypto market?
- 4 Share this:
Crypto analyst nicknamed Crypto Capo, who accurately predicted previous market crashes, shared his new predictions for Bitcoin. For Capo’s successful predictions AmkNews.comPlease visit this address. The analyst does not give much credit to Bitcoin holding $20,000. Therefore, he predicts that Bitcoin will fall further. Capo claims there is no evidence that BTC has hit the bottom of a cycle worth around $20,000. In this context, he makes the following statement:
Based on what you read on Twitter, you might think the market is recovering very well. However, the charts show: BTC price is below $21,000. There are low hills everywhere. Hidden fall deviations everywhere. Moreover, there is no bottom formation. So I haven’t bought it yet.
The analyst corrected a 50% price drop for BTC from the March high of $44,000. Capo now continues to predict lower Bitcoin prices. However, the leader also claims that the crypto will reach the bottom soon. The analyst makes the following assessment in this direction:
The bottom hasn’t come yet. But, I think it will come soon. The time to open shorts was a few weeks ago, not now. When the next drop ends, it will be time to get ready to buy.
When will bulls take control of the crypto market?
While discussing the overall altcoin market, the analyst also shares his views on non-BTC crypto assets. For this, he looks at a graph of the management token of the decentralized exchange SushiSwap (SUSHI), which he claims to reflect the overall market.
Capo believes that altcoin prices will finally bounce up. However, he also states that there will be some short-term price drops ahead. According to his prediction, many altcoin projects are bearish. The popular analyst explains his views on the subject:
When broken, parabolas cause significant adjustments. In the current situation, it means that it will break up. Although they are not finished yet, the parabolas are almost finished.
Meanwhile, this month has been quite a journey for the crypto market as the crypto market has been hit by massive bearish waves. A number of crypto organizations, including 3AC and Celsius, have failed. Because of this, the value of the global crypto market has dropped below $1 trillion.
AmkNews.com During this time, Bitcoin also experienced significant difficulties. The leading crypto is trading calmly above $20,000 for now. However, its direction is not clear yet. Also, Bitcoin has yet to make any significant gains as it reversed after touching the $21,500 mark.
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