Bitcoin

This Is Why Bitcoin Price Is About To Fall Below $23k, Per Analyst

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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May 28, 2022

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Bitcoin holders should be aware that the BTC price. As BTC is about to hit a new 52-week low, according to a well-known crypto analyst and trader.

As the crypto markets continue to exhibit symptoms of weakness, pseudonymous trader Capo informs his 322,300 Twitter followers that another sell-off event is in the works for Bitcoin.

According to the trader, After yesterday’s rally, almost the whole market, with the exception of BTC, has struck a new bottom, indicating that it was a bull trap. BTC is about to hit a new low.

Bitcoin has managed to trade above $28,400 in the previous seven days, slightly higher than its 52-week low of $26,910. Capo, on the other hand, cautions that the $28,000 support region is showing indications of demand depletion, citing the fact that BTC has revisited the price level six times in a short period of time.

He claims that there’s nothing to be excited about here. That support isn’t going to last long.

Bitcoin Price To Bottom Below $23,000

Capo sees a dramatic drop to his bear market forecast of $21,000-$23,000 after Bitcoin loses its immediate support.

At the start of this month, the crypto analyst correctly anticipated that Bitcoin will break through the critical psychological price threshold of $30,000, and he revealed his thesis on why he thinks BTC will print to a new annual low.

According to Capo, these are some of the reasons where we could see new lows in the next days :

The primary pivot of the bull run, the $30,000 support zone, was broken by BTC. Taking all the wicks into account, it’s between $29,000 and $31,000. Now it’s putting that zone to the test as a source of resistance.

On the other hand, Capo also points out that Bitcoin has tumbled down from a bear flag, indicating that it is on its way to his bear market goal. He further quotes that the bearish flag’s minimum target has not yet reached $23,000.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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