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.
[adinserter block="1"]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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