A crypto strategist and trader who has long predicted a massive Bitcoin crash below $30,000 is revealing how low he believes BTC will go.
The pseudonymous crypto analyst Capo tells his 289,400 Twitter followers that Bitcoin’s free fall is not over yet.
He cites large whale transfers of BTC to crypto exchanges as the main force driving the current crash, and warns a significant amount of Ethereum has also been sent to the crypto exchange FTX.
As for his target low for Bitcoin, Capo says he believes BTC will land somewhere between $21,000 and $23,000.
Good morning.
Prices are approaching targets. Today could be the day.
— il Capo Of Crypto (@CryptoCapo_) May 12, 2022
The analyst reminds traders of how Bitcoin fell off a cliff late in 2018 after it ceded the $6,000 level and that he expects a similar fate for BTC moving forward.
“If you remember 2018, you know what happened once it broke the $6,000 support.”
At time of writing, Bitcoin is down 13% in the last 24 hours and is priced at $27,172, marking the first time it’s been below $30,000 since July of 2021.
Capo wraps up his discussion by highlighting the move-to-earn protocol STEPN (GMT) as one altcoin he’s eyeing to purchase, but only if it keeps dropping in price.
“GMT coming home… That’s the first target. I wouldn’t buy there.”
STEPN, which equips users with non-fungible token (NFT) sneakers and rewards them for taking steps in real-life, initially skyrocketed by over 3,500% after launching back in March, rising from $0.11 to $3.97 in late April.
GMT has since been grinding downward and is in the red by 38% at time of writing with a market value of $0.94.
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