A crypto analyst known for calling the 2022 crypto market crash months in advance now foresees a Bitcoin (BTC) flash crash and ongoing altcoin pump.
The pseudonymous crypto trader known as Capo shows their 565,900 Twitter followers the new plan for king crypto BTC.
“BTC plan”
Going into deeper detail with the BTC plan chart, Capo predicts that the leading crypto by market cap will consolidate around $21,500. If BTC goes higher than $21,500, he expects it to consolidate around $23,000 before reaching heights of $24,000-$25,000. However, if BTC drops below $21,500, Capo sees this as a bearish confirmation.
If the bearish hypothesis is confirmed, Capo foresees the largest crypto by market cap crashing to $13,725 by year’s end. Such a crash would represent a 33% crash from BTC’s current price of $20,533.
“BTC detailed analysis.”
As for Bitcoin’s slight bump up over the last 12 hours, Capo doesn’t expect the flagship cryptocurrency to climb much higher than current levels in the short term.
“This move looks like preliminary supply. Still expecting low-time frame distribution to be formed between $20,500-$21,200.”
Finally, Capo turns their attention to an often overlooked niche category of altcoins, seeing a current and incoming pump for one broad crypto token subcategory.
“Shitcoins pumping.”
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Featured Image: Shutterstock/Jorm S
Source: https://dailyhodl.com/2022/10/27/analyst-who-nailed-2022-crypto-price-action-predicts-bitcoins-path-ahead/