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.
“RUNE.”Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/diversepixel/SergZSV.ZP