A crypto strategist and trader who has long been a massive Bitcoin-Crash forecast below $30,000, revealing how low he thinks BTC will fall.
Pseudonymous crypto analyst Capo tells his 289,400 Twitter followers that Bitcoin’s free fall is not over yet.
He cites large whale transfers of BTC to crypto exchanges as the main driver of the current crash, warning of a significant amount Ethereum was also sent to crypto exchange FTX.
As for his target bottom for Bitcoin, Capo says he believes BTC will end up somewhere between $21,000 and $23,000.
Prices are approaching targets. Today could be the day.
— il Capo Of Crypto (@CryptoCapo_) May 12, 2022
The analyst reminds traders how Bitcoin fell off a cliff in late 2018 after it ceded $6,000 and expects a similar fate for BTC as it moves forward.
“If you remember 2018, you know what happened when the $6,000 support was broken.”
At the time of writing, Bitcoin is down 13% in the last 24 hours and is at $27,172, marking the first time it has been below $30,000 since July 2021.
Capo concludes his discussion by highlighting move-to-earn protocol STEPN (GMT) as an altcoin he plans to buy, but only if the price continues to decline.
“GMT is coming home… That’s the first goal. I wouldn’t buy there.”
STEPN, which allows users with non-fungible tokens (NFT) sneakers and rewards them for taking real-life steps has soared over 3,500% since launching in March, going from $0.11 to $3.97 at the end of April.
GMT has since moved lower and is down 38% at the time of writing with a market value of $0.94.
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Source: Crypto News Deutsch