The Bitcoin (BTC) analyst who predicted crypto’s most recent market crash is reemphasizing an old warning of new lows to come.
On August 2, pseudonymous trader Capo warned his 475,000 Twitter followers that BTC would bounce to the $25,000 area before crashing to new lows.
“$25,000-$25,500, then new lows.”
With BTC reaching as high as $24,750 in the last 24 hours, Capo believes BTC’s new lows are closer than ever.
More specifically, the trader thinks BTC is about to crash down to the $16,000 region, slashing Bitcoin by about a third from current prices.
Volume is dying. Channels are not impulses but corrections.
Most people expecting $28,000 or higher, but the big level is $25,000-$25,500.”
The trader then further elaborated in the comments.
“‘Inflation down, bull market is back, merge, mainnets…’ [Crypto trading] is wonderland, where there’s no risk.
Let me tell you: this is a bear market rally. Don’t be blind. If you made some profits, congratulations. But now is the time to start protecting them again.
Last leg up, then [hammer].”
The trader updated his Twitter followers again this Friday morning, warning that a reckoning is right around the corner.
“One last high to rekt early shorts.”
Again, the trader draws out his point in the comments.
“Quick leg up to $25,000-$25,500, destroying early shorts and trapping more longs that expect $28,000 or higher. Then reversal to new lows.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
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/NanamiOu/Tomasz Makowski