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.
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.