A popular crypto trader who has long predicted a Bitcoin nosedive below $23,000 is updating his forecast now that his initial target has been hit.
The pseudonymous analyst who goes by the name Capo is confident that BTC will at some point plunge to the bottom of his target range, which is at $21,000.
“Important: Now that the market is moving more aggressively is when emotions start to show strongly.
Therefore:
– Stick to the main targets, even if you see a wick below. They should hold on a high time frame close.
– Don’t let panic influence your decisions. Avoid reading news.”
$BTC to $21k pic.twitter.com/OAeHHQb5hd
— il Capo Of Crypto (@CryptoCapo_) June 13, 2022
Over the weekend, Capo warned that Bitcoin’s brief rally from $27,500 to $28,228 would trap traders who were overly bullish on BTC.
Capo says he’s looking for the altcoin market as a whole to continue suffering a larger percentage breakdown than BTC.
He has routinely updated his altcoin targets amid Monday’s market meltdown, and appears to be getting close to his overall downside range.
25-35% for altcoins and 13-17% for BTC
It could happen today.
— il Capo Of Crypto (@CryptoCapo_) June 13, 2022
Bitcoin is down 16.8% at time of publishing, at $23,392. In the last 24-hours, BTC sank as low as $22,819.
Meanwhile, Ethereum is down 21.3% at $1,239, after hitting a 24-hour low of $1,182.
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Featured Image: Shutterstock/Tithi Luadthong/AM511
