A closely watched Bitcoin and altcoin strategist continues the bearish calls. The analyst expects another big selloff in the biggest cryptocurrency, Bitcoin, noting that it is almost time for it. Besides Bitcoin, the analyst cites the popular altcoins Ethereum, Solana and THORChain (RUNE). Here are the details…
Analyst: It’s time to crash for Bitcoin
cryptocoin.com As we also reported, analyst Capo, who came on the agenda with various altcoin predictions that turned out to be correct, said that if BTC bears continue to accumulate large orders of selling above $29,000, Bitcoin’s demand for $28,000 is almost exhausted. Noting that there is a sell demand for 5,000 BTC, the analyst believes that if the $28,000 level is retested, the bulls will sell off and uses the following statements:
There are 5,000 BTC there. The request is complete. Once $28,000 is retested, we might see the bulls capitulate.
Capo also suggests that Bitcoin has now tested the support around $28,000 seven times in just over two weeks and the key level is on the verge of breaking down. “It’s time,” he warns investors. Capo’s forecast was previously between $23,000 and $21,000. As of this writing, BTC is changing hands at just under $29,000.
What is the outlook for Ethereum, SOL and RUNE?
Looking at the largest altcoin by market capitalization, Ethereum, Capo warns that ETH could drop as low as $1,000 if it gains support at $1,700. Next, Capo talked about the Solana smart contract platform, which he said could lose half of its value if it gets support at $40. He cites the $20-25 level as key support levels for Solana. As of this writing, SOL is trading above $40.
Capo is also closely following THORChain (RUNE), a decentralized exchange protocol. According to the crypto strategist, RUNE broke below the cross support and is heading towards its target of $1.79, around 30% lower than its current price of $2.50.