A popular crypto trader is warning the price of Bitcoin (BTC) may fall further if a key support level crumbles.
Pseudonymous trader Crypto Capo tells his 375,600 Twitter followers Bitcoin could fall below $20,000 and spark massive panic.
“If BTC breaks the $20,000 level, panic could be massive. Many people have stop losses below this level. Many others think it can’t break the 2017 all-time high because it hasn’t happened before… It could easily reach $16,000 – $18,000 if $20,000 breaks.”
Bitcoin is trading for $21,169 at time of writing.
According to Capo, Bitcoin hasn’t bottomed out yet despite falling to a low of $20,111, a level last reached in December of 2020.
“Seeing some bottoms calls here. Honestly, this is one of the clearest fake pumps that we have seen until now.
In my opinion, the $20,000 level won’t hold for long. We haven’t seen proper capitulation yet, and there are no bullish signs.
I remain out of the market.”
Three months ago when Bitcoin was trading at above $40,000, Capo predicted that once the flagship crypto asset fell below $30,000, it would hit a target of between $21,000 and $23,000.
“This is how I see BTC now:
Clean break of $38,000 = $35,000
Break of $35,000 = $30,000
Below $30,000 it should reach the main target of $21,000-$23,000″
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