The global cryptocurrency market surged marginally as the value of key crypto coins increased. Today’s cryptocurrency market capitalization was $1.82 trillion. Despite the recent drop, bulls have taken control of the market, with the majority of coins trading in the green zone.
Bitcoin (BTC) has grown rapidly in response to rising trading volume. Bulls have settled above $40,000 and are attempting to break through to $41,000.
Following recent sideways market movement, a well-known crypto analyst claims that Bitcoin (BTC) and one Ethereum (ETH) competitor are facing significant downside risks.
Will Bitcoin Price drop to $23k?
Starting with Bitcoin, Capo, a pseudonymous crypto expert, claims that the cryptocurrency is seeing mild bounces that are likely to be short-lived.
With another fake pump (brief squeeze) that didn’t even break $40,000, the bulls became jubilant yesterday. Pumps are weakening, and the consolidation period is coming to an end, he said. Bitcoin is sending false signals known as bull traps, according to Capo, which are likely to cause downward pressure on the flagship crypto currency.
Capo said earlier this week that his forecast of $23,000 for Bitcoin is “more likely now” since he expects the drop to be “prolonged.”
“All I see is bull traps. This one is probably the last one above $40,000.”
At the time of writing Bitcoin is trading at $40,881.
Cardano (ADA) to Dip Below $0.50?
Cardano is up next (ADA). Capo claims that the Ethereum-native rival’s token is demonstrating “far more weakness than projected.”
As a result, the crypto expert claims he has dropped the ADA support level to under $0.40, which is roughly 50% lower than the current price.
“Next support moved down from $0.45-$0.50 to $0.38-$0.40, since it’s showing even more weakness than expected.”
Capo projected that the ninth-largest cryptocurrency would go below $0.50 before reverting upwards after it dipped below $1 last month.
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Source: https://coinpedia.org/altcoin/bitcoinbtc-and-cardanoada-price-to-plunge-to-this-level-in-coming-weeks/