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Bitcoin: What’s Next?

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#crypto #bitcoin

$BTCUSD

Starting with BTC, pseudonymous crypto trader Capo tells his 443,000 Twitter followers that the flagship digital asset will hit new lows if it falls below the $19,000 level.

According to Capo, Bitcoin’s recent rise above $20,000 was a “dead cat bounce,” which was met by selling on the FTX crypto exchange. A dead cat bounce is a move to the upside in a bearish trend.

“Dead cat bounce to $20,000 again to punish late shorters. At the top of it, FTX started pushing down. Clear corrective move to the upside.

Nothing has changed. Break below $19,000 = new lows.”

Bitcoin is trading for $20,915.27 at time of writing.

Capo says the Bitcoin bottom that formed around $30,000 mid-last year mirrors the current price action. The crypto analyst is targeting a floor price for BTC between $15,800 and $16,200.

“$30,000 bottom formation (June-July 2021) Vs current price action

Expecting deviation below the current range low, which is $17,700. Main target remains $15,800 – $16,200.”

A tip of my hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here

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Have a prosperous weekend, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.