Although a well-known analyst predicts trouble, crypto assets appeared to have steadied on Saturday morning as Bitcoin held over the $20,000 mark.
Investors are being advised that Bitcoin is going to fall even further by the well-known crypto analyst who correctly forecast the present market difficulties. The trader claims that there is no evidence that BTC has hit a cycle bottom at about $20,000 in value.
“Based on what you read on Twitter, you may think that the market is recovering very well. But the charts show: BTC price below $21,000. Lower highs everywhere. Hidden bearish divergences everywhere. No bottom formation.
I’m not buying yet.”
Bottom To Be Reached Soon?
Capo foresaw a 50% price drop for bitcoin from its $44,000 high in March. The trader continues by predicting lower Bitcoin prices, but he also predicts that the bottom will be reached soon.
“Bottom is not in yet, but it is close [in my opinion]. The moment to open shorts was some weeks ago, not now. Now [is] the moment to get ready to buy when the next leg down ends.”
The analyst offers a chart of the governance token of the decentralized exchange SushiSwap (SUSHI), which he claims reflects his opinions on non-BTC crypto assets, when discussing the overall altcoin market.
He believes that altcoin prices will finally leap upward, but only after some additional short-term price declines.
Many altcoins, in his estimation, are on a bearish parabola. When broken, parabolas result in significant adjustments (in this case upwards). Though they haven’t ended yet, the parabolas are almost over.
This month has been quite the journey for the cryptocurrency market as major cryptocurrencies were hit by bearish waves. A number of crypto organizations, including 3AC and Celsius, failed as a result of the global crypto market capitalization dropping below $1 trillion.
During that time, Bitcoin also experienced significant setbacks. Although BTC is trading calmly above $20,000, it’s direction is not clear yet. There were no significant gains as the largest cryptocurrency hit reverse after touching the $21,500 mark.