Bitcoin

Bitcoin Price to Reach Fresh 2022 low Once $28,500 Support is Broken

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jun 8, 2022

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The Crypto King- Bitcoin- is currently trading at the price of $31,030, up by 6% from the low of $29,314 in just 24 hours. 

The pseudonymous crypto strategist, Inmortal, notified his 179,800 Twitter followers about Bitcoin’s bottom in the form of an ascending triangle, briefing them that the move above this triangle resistance at $32,000 could trigger current prices by 20%.

Quoted as: 

“Consolidation under resistance while making higher lows. If the price manages to find acceptance above $32,000 we could see that long-awaited relief rally. Targets: $34,000-$37,000.” 

This renowned strategist, who accurately predicted Bitcoin’s price drop of $30,000 in the previous month, now says that BTC is still ready to surrender after its latest rally. 

However, the analyst ‘Capo’ opens up about his expectation on Bitcoin to print a fresh 2022 low once its bears take out the support of $28,500. 

Capo’s quoted his expectation as:

“Clean range, what is happening inside the range, and what has happened at the range high shows that this is a clear redistribution range. Clean break of the range low = last leg down confirmed = $21,000-$23,000.” 

Even after the reclaim of Bitcoin at the psychological key price of 430,000, the analyst is still standing at his prediction. Stating:

“Double hammer, double power. Goodnight!”

Further by looking at Capo’s chart, the crypto strategist still expects Bitcoin to spark its sell-off event after the failure of BTC to break its resistance level at $31,600.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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