Bitcoin holders should be aware that the price of BTC. As per a renowned crypto analyst and trader, BTC is about to hit a new 52-week low.
As the crypto market continues to display signs of weakness, pseudonymous trader Capo informed his 322,300 Twitter followers that another selloff event is underway for Bitcoin.
According to the trader, after yesterday’s rally, almost the entire market except BTC has found a new bottom, indicating that it was a bull trap. BTC is about to hit a new low.
Bitcoin has managed to trade above $28,400 over the past seven days, slightly higher than its 52-week low of $26,910. Capo, on the other hand, cautioned that the $28,000 support area is showing signs of lackluster demand, citing the fact that BTC has revisited the price level six times in a short period of time.
He claims that there is nothing to get excited about here. This support is not going to last long.
bitcoin price below $23,000
Capo saw a dramatic drop in its bear market forecast of $21,000-$23,000 after bitcoin lost immediate support.
Earlier this month, the crypto analyst correctly predicted that bitcoin would break the crucial psychological price range of $30,000, and revealed his thesis on why he thinks BTC will print to a new yearly low. .
According to Capo, these are some of the reasons where we could see new lows in the coming days:
The primary pivot of the bull market, the $30,000 support area, was broken by BTC. Taking all the wicks into account, it is between $29,000 and $31,000. Now it is putting that field to the test as a source of resistance.
Capo, on the other hand, also noted that Bitcoin has fallen below a bear flag, indicating that it is on its way to its bear market targets. He further added that the bearish flag’s minimum target is yet to reach $23,000.