A closely tracked crypto strategist who continues to build a following with his bearish calls says it is almost time for leading digital asset Bitcoin (BTC) to ignite another huge sell-off event.
Pseudonymous trader Capo tells his 323,500 Twitter followers that demand for Bitcoin at $ 28,000 is nearly exhausted as BTC bears continue to stack massive sell orders above $ 29,000.
“That’s 5,000 BTC there. Demand is gone. When $ 28,000 is tested again, we could see bulls capitulation.”
Capo also highlights that Bitcoin has now tested support around $ 28,000 seven times in a little over two weeks, suggesting that the key level is poised to collapse.
“BTC. It’s time.”
Capo previously predicted that Bitcoin will likely bottom out between $ 23,000 and $ 21,000.
At time of writing, Bitcoin is changing hands for $ 28,988.
Looking at top altcoin Ethereum, Capo warns that should ETH take out support at $ 1,700, it can plummet to as low as $ 1,000.
At time of writing, ETH is valued at $ 1,779.
Next up is fellow smart contract platform Solana, which Capo says is at risk of losing half of its value if it takes out support at $ 40.
“SOL. $ 20- $ 25 key support. ”
Solana is currently valued at $ 42.08.
Capo is also keeping a close eye on THORChain (RUNE), a decentralized exchange protocol. According to the crypto strategist, RUNE has broken below its diagonal support and is now en route to his target at $ 1.79, which is nearly 30% below its current price of $ 2.50.
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