Analyst Who Accurately Called Crypto Plunge Predicts Bitcoin (BTC) Will Sink to $1,000, Says One Altcoin Bullish After 346% Rally

A crypto analyst who accurately predicted a huge nosedive in the price of Bitcoin (BTC) is back with another bold and bleak forecast.

In a tweetstorm, the pseudonymous analyst Capo Of Crypto tells his 16,000 Twitter followers that he is taking a break from the social media platform until Bitcoin confirms his bearish bias or invalidates it with a strong push. He believes BTC will sink to as low as $1,000.

“I won’t post anything else on Twitter until BTC goes below $5,000 or consolidates above $10,500. The bias is still bearish, and the main targets are $2,000 and $1,000 if the distribution is finally confirmed.”

The crypto strategist says his bearish bias will be confirmed if Bitcoin breaks $8,500 support in the three-day timeframe.

$BTC

Nothing has changed here, it just took a little longer.

Distribution confirmation: 3D candle closing below $8.5k

Distribution invalidation: consolidation + continuation above the range high

If confirmed, the important supports are:

$7k, $6k, $4.5k, $3k, $2k and $1k pic.twitter.com/0m3vfnmYUq

— il Capo Of Crypto (@CryptoCapo_) June 12, 2020

He makes the case that BTC bulls have lost control of the market after the king cryptocurrency invalidated a bullish continuation pattern late last month.

Do you still think this is an ascending triangle? pic.twitter.com/s81OHpDZBm

— il Capo Of Crypto (@CryptoCapo_) June 30, 2020

While Capo Of Crypto is bearish on BTC, he believes one altcoin has managed to decouple from Bitcoin’s trend.

He says ChainLink (LINK) is poised to ignite a strong rally even after posting gains of over 346% year-to-date.

I'm not gonna brag about this one, just so you know the bullish alternative was there and the bearish analysis for $LINK is invalidated for now. https://t.co/pA4dwHw3sA

— il Capo Of Crypto (@CryptoCapo_) July 8, 2020

In January, when Bitcoin was bullish and threatening to breach key resistance of $10,000, the pseudonymous crypto strategist made a counterintuitive call and said he expected BTC to carve a bottom at $4,500.

His target was hit in March, as the leading cryptocurrency plummeted to $3,850 at the height of the coronavirus-induced sell-off.

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.