Cryptocurrency analyst Capo, who predicted the collapse of bitcoin (BTC) this year, named the minimum possible price of the major cryptocurrency.
Here are some of the reasons why I think we should see new lows for BTC in the coming days:
BTC has crossed the $30,000 support zone, which has been a major linchpin of the bullish move. That’s the $29,000 to $31,000 zone, not the level. Now bitcoin is testing that zone as resistance.
The analyst thinks that before bitcoin goes up, it could fall as low as $21,000. Right now, according to CoinGecko, BTC is trading around the $30,692 mark.
Capo also has a forecast for altcoins, which he expects to fall another 40-50% in the next few days.
The trader says crypto-asset prices will recover after hitting lows, but he remains pessimistic about the bear market ending soon. He recently said that altcoins won’t be able to set new highs until bitcoin halves in 2024.
I expect a good recovery from the last leg of the decline (100-500% rebounds depending on the coin), but later this year we may see a continuation of the bear market. Don’t expect any new ATH until mid to late 2024 (after the next halving).