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Trader who predicted the current market drop makes Bitcoin (BTC) bottom prediction – here is his price target

The popular trader and analyst, who aptly dubbed the current crypto market downturn, says the pain is almost over and has a specific price target for Bitcoin in the eye.
Pseudonymous trader Capo tells his 400,000 Twitter followers that the flagship crypto asset is about to form a bottom about 17% below current prices.

“BTC low time frame.

Local bottoming between $16,000 and $17,000.”
Source: Capo/Twitter
According to Capo’s chart, he sees BTC collapsing somewhere near its target over the next few days before entering an accumulation phase.

The popular analyst says that the current market structure at the bear market of 2018, with the $30,000 level playing the same role as the $6,000 level in triggering a nearly 50% drop after its collapse.

He also says he looks at funding rates on exchanges to confirm his thesis.

“$30,000 support was very similar to $6,000 support in 2018. When it broke, the surrender phase began, but if we compare both we can clearly see that it is not over yet.

This is also confirmed by the funding rates.”
Trader who predicted the current market drop makes Bitcoin (BTC) bottom prediction – here is his price target, Crypto Trading NewsSource: Capo/Twitter
As for the schedule, Capo told his large audience today that after viewing a number of charts, the crypto market appears poised to make new lows before the end of the week.

The trader also revealed a downside target for Ethereum (ETH) Earlier this week. According to Capo, it’s after market capitalization leading smart contract platform on the way down to around $750 or around 29% below current levels.

“Primary objective reached, bounced off of there, but no bottoming out yet.

Eyes for $700-800 as a new support zone that would complete the 5th of wave 5.”
Trader who predicted the current market drop makes Bitcoin (BTC) bottom prediction – here is his price target, Crypto Trading NewsSource: Capo/Twitter
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