Capo, the popular cryptocurrency analyst who last March accurately predicted Bitcoin (BTC) would fall below $23,000, is now making new predictions as he expects a further drop is likely to occur.
Furthermore, he estimates that the bottom of Bitcoin’s decline is approaching, as well as that of altcoins, and then it will follow a major upward trajectory.
The analyst said in a post on Twitter and on 409,300 followers, that he sees no indication that Bitcoin has reached the bottom of its cycle, even though it is now at $20,000.
“Based on what you read on Twitter, you might think the market is recovering very well. But the charts show: BTC price below $21,000, lower highs everywhere, hidden bearish divergences everywhere, no bottom formation. I’m not buying yet,” Capo said.
The original prediction that was correct
Recall that Capo had warned in March that Bitcoin was likely to fall 50% from the $44,000 price he maintained at the time.
Up to $16,000 and then rise
Capo also speculates that a correction below $16,000 is “still in progress”.
As for altcoins, the analyst predicts that their prices will surge upwards, but only after they fall a bit more in the near future.
“One thing is clear: many altcoins are in a downward parabola. Parabolas, when broken, cause large corrections (in this case to the upside). However, parabolas are not over yet, but they are almost over.”