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A Big Move Is Coming For Bitcoin

A-BigMove Is Coming For Bitcoin
1665564202 12 Oct / 08:43

A prominent trader who accurately predicted Bitcoin‘s (BTC) fall of over 50% in March is now warning that new lows are ahead. The Twitter monger who goes by the name ‘Capo‘ told his followers that once the cryptocurrency‘s brief surge is over, a major capitulation could be in the offing.

Capo expects an epic crash!

When this rally ends, make sure you protect your capital because the crash could be epic. The large bearish “hammer” formation is pending.

The capitalization of the entire crypto market is up modestly by about 4% to about $975 billion at the time of writing from the two-month low of about $940 billion hit last week. Regarding Bitcoin, the analyst claims two scenarios could play out – both of which would see Bitcoin fall by nearly 30% from current levels. At the time of writing, the asset is trading for around $19,050.

Capo argues that Bitcoin is completing a bearish head and shoulders pattern that began in June when the leading cryptocurrency briefly broke below $18,000 for the first time in 2022.

More and more calls for a final drop

Capo is not the only one predicting a decline. In a new YouTube video, Tone Weiss also shared that Bitcoin could make a painful decline soon.

I still think a capitulation in the next week or so is possible.

Based on his chart, the analyst expects a Bitcoin correction to the $15,000 price zone. Another crypto analyst, going by the moniker ‘Pentoshi‘ on Twitter, predicted the end of the cryptocurrency bull market last year. He envisions a reversal in Bitcoin’s trend after nearly a year of underperformance.

Pentoshi said in a tweet that macro circumstances had changed dramatically since the flagship cryptocurrency reached its all-time high in November 2021. According to the trader, the Federal Reserve’s benchmark interest rate, or the expected endpoint for raising interest rates, has fluctuated widely over the past year, indicating a possible shift in the macro environment.

With interest rates approaching the Fed’s endpoint, Pentoshi believes Bitcoin faces a short-term relief rally. After the upswing, the trader expects a final capitulation phase, which will create the conditions for Bitcoin to move into a prolonged sideways trend.

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