The popular cryptocurrency analyst, who accurately predicted current market problems, is now warning investors that Bitcoin (BTC) will fall further.
Expecting Bitcoin’s price to rise above $ 23,000, the analyst has issued new warnings to investors.
You can take a look at the analyst’s success predictions in this article. The current analysis Chief claims he sees no signs of BTC hitting a cycle low of around $ 20,000:
Based on what you’ve read on Twitter, you might think the market is recovering very well. However, the charts show: BTC’s price is below $ 21,000. LH zones everywhere. Fall deviations hidden everywhere. There is no support training. I am not buying yet.
cryptocurrency.com As reported, Chief warned in March that Bitcoin will drop 50% from $ 44,000. The analyst then says that he expects the low to be reached soon, even though he expects lower Bitcoin prices:
This is important. Do I expect new lows? Yes. The fund has not yet arrived. But I think the time is near. The time to open a short was a few weeks ago, not now. Now is the time to get ready to buy once the next drop is finished.
Capo also provides a chart that assumes a correction of less than $ 16,000 is “still in play”.
BTC hit its lowest levels since December 2020 after falling below $ 17,750. Having started the month at around $ 32,200, it is now trading at $ 21,000. BTC has seen a slight rally in the past 24 hours, gaining 10% over the week. It signaled a good recovery after overcoming bearish setbacks in early June.
Capo is also following a DEX project soon
When it comes to the broader altcoin market, the analyst shares the chart from the decentralized exchange SushiSwap (SUSHI). Chief says this represents his feelings about non-BTC cryptocurrencies. The analyst also predicts that altcoins will eventually rise. However, he continues to expect a decline in the near term. Sharing the graph below, the analyst states:
One thing is clear: many altcoins are in a downtrend. When the parabolas break, it causes major corrections (in this case upward). The parables are not finished yet, but they are almost finished.
SushiSwap (SUSHI) is one of the Ethereum-based Automated Market Makers (AMMs). SushiSwap entered the market in September 2020 to provide DeFi and DeFi token transactions. SUSHI is trading at $ 1.27 at the time of writing. It reached in the top 20 cryptocurrencies by market cap in 2021. It is now in 145th place with a market cap of $ 161 million. SUSHI posted its ATH of $ 23.38 in March last year. It is currently trading 94.49% below this level.
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