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Crypto Analyst Says Bitcoin Capitulation Imminent, Updates Outlook on Ethereum, Solana and One More Altcoin


dailyhodl.com 29 May 2022 10:34, UTC
  
Reading time: ~2 m

A closely tracked crypto strategist who continues to build a following with his bearish calls says it is almost time for leading digital asset Bitcoin (BTC) to ignite another huge sell-off event.

Pseudonymous trader Capo tells his 323,500 Twitter followers that demand for Bitcoin at $28,000 is nearly exhausted as BTC bears continue to stack massive sell orders above $29,000.

“That’s 5,000 BTC there. Demand is gone. When $28,000 is tested again, we could see bulls capitulation.”

Source: Capo/Twitter

Capo also highlights that Bitcoin has now tested support around $28,000 seven times in a little over two weeks, suggesting that the key level is poised to collapse.

“BTC. It’s time.”

Source: Capo/Twitter

Capo previously predicted that Bitcoin will likely bottom out between $23,000 and $21,000.

At time of writing, Bitcoin is changing hands for $28,988.

Looking at top altcoin Ethereum, Capo warns that should ETH take out support at $1,700, it can plummet to as low as $1,000.

“ETH.”

Source: Capo/Twitter

At time of writing, ETH is valued at $1,779.

Next up is fellow smart contract platform Solana, which Capo says is at risk of losing half of its value if it takes out support at $40.

“SOL. $20-$25 key support.”

Source: Capo/Twitter

Solana is currently valued at $42.08.

Capo is also keeping a close eye on THORChain (RUNE), a decentralized exchange protocol. According to the crypto strategist, RUNE has broken below its diagonal support and is now en route to his target at $1.79, which is nearly 30% below its current price of $2.50.

“RUNE.”

Source: Capo/Twitter

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