Bitcoin holders should be aware of the price of BTC. As BTC is about to hit a fresh 52-week low, according to a well-known crypto analyst and trader.
As crypto markets continue to show symptoms of weakness, pseudonymous trader Capo is letting his 322,300 Twitter followers know that another sell event is in the works for Bitcoin.
According to the trader, after yesterday’s rally, almost the entire market except for BTC hit a new low, indicating that it was a bullish trap. BTC is about to hit a new low.
Bitcoin managed to trade above $28,400 in the previous seven days, slightly above its 52-week low of $26,910. Capo, on the other hand, warns that the $28,000 support region is showing signs of demand exhaustion, citing the fact that BTC has revised the price level six times in a short time.
He claims there is nothing exciting here. This support will not last long.
Bitcoin Price Lows Below $23,000
Capo sees a dramatic drop in his bear market forecast from $21,000 to $23,000 after Bitcoin lost immediate support.
Earlier this month, the crypto analyst correctly anticipated that Bitcoin would cross the critical psychological price threshold of $30,000, and he revealed his thesis on why he thinks BTC will hit a new yearly low.
According to Capo, here are some of the reasons why we could see new lows in the coming days:
The main pivot of the bull run, the $30,000 support zone, was broken by BTC. Taking into account all the bits, it’s between $29,000 and $31,000. Now he is testing that area as a source of resistance.
On the other hand, Capo also points out that Bitcoin fell from a bearish flag, indicating that it is on its way to its bearish market objective. He further cites that the minimum target for the bearish flag has yet to reach $23,000.