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Analyst Who Predicted Bitcoin Crash Far In Advance Predicts Imminent Crypto Market Shift

The pseudonymous crypto analyst who wrote the current bear market of Bitcoin (BTC) has predicted says that digital assets will provide excellent trading opportunities in the coming days.
Crypto Capo tells his 406,500 Twitter followers that the bearish charts will likely produce new lows before July.

“The charts remain bearish and we will likely see new lows these days. These lows present good buying opportunities.”

Next, Capo analyzes the Bitcoin dominance chart (BTC.D) using Elliot Wave Theory. BTC.D tracks how much of the total cryptomarket capitalization Bitcoin owned. A bullish BTC.D suggests Bitcoin is rising faster than other crypto assets or altcoins are depreciating while the leading crypto by market cap is rising.

The Elliot Wave Theory is a technical analysis tool that predicts future price movements by following crowd psychology, which manifests itself in waves. According to the theory, an asset goes through a five-wave cycle before a major reversal.

Looking at the BTC.D charts, Capo says that bitcoin’s dominance has hit a local bottom (wave 4) and is about to increase its market share (wave 5), meaning altcoin trades against BTC are falling becomes. If BTC.D hits the local top of wave 5, it should signal a local bottom for the altcoin markets.

“BTC.D (Bitcoin Dominance) Update Wave 4 complete. Wave 5 missing where altcoins/BTC pairs should fall.”
Analyst Who Predicted Bitcoin Crash Far In Advance Predicts Imminent Crypto Market Shift, Crypto Trading NewsSource: CryptoCapo_/Twitter
In line with the BTC.D chart, Capo foresees BTC enjoying a brief and steep surge before falling into the $16,000 area only to explode exponentially thereafter.

“BTC [low-time frame]

Local bottoming between $16,000 and $17,000.”
Analyst Who Predicted Bitcoin Crash Far In Advance Predicts Imminent Crypto Market Shift, Crypto Trading NewsSource: CryptoCapo_/Twitter
Bitcoin is trading at $20,290 at the time of writing.

On the downside of bitcoin dominance are the altcoin markets, which are suffering as BTC.D surges. Capo says many altcoins are stuck in bearish parabolas that usually end with bullish corrections.

As an example, the trader considers the decentralized exchange token Sushi (SUSHI).

“One thing is clear:

Many altcoins are on a bearish parabola. Parabolas, when broken, cause large corrections (upwards in this case). The parables are not over yet, but almost.”
Analyst Who Predicted Bitcoin Crash Far In Advance Predicts Imminent Crypto Market Shift, Crypto Trading NewsSource: CryptoCapo_/Twitter
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Source: Crypto News Deutsch

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