• Wed. Jun 22nd, 2022

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

ByHazel R. Lang

May 29, 2022

A closely-watched crypto strategist who continues to carve out a following with his bearish calls says it’s almost time for top digital asset Bitcoin (BTC) to trigger another huge sell event.

Trader pseudonym Capo recount his 323,500 Twitter followers asking for Bitcoin at $28,000 are nearly sold out as BTC bears continue to pile up massive sell orders above $29,000.

“It’s 5,000 BTC there. The demand is gone. When $28,000 is tested again, we might see bulls capitulate.”

Source: Capo/Twitter

Capo also points out that Bitcoin has now tested the support around $28,000 seven times in just over two weeks, suggesting that the key level is on the verge of breaking down.

“CTB. It’s time.”

Image
Source: Capo/Twitter

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

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

Looking at the top altcoin Ethereum, Capo warns that if ETH takes support at $1,700, it can drop as low as $1,000.

“ETH”.

Image
Source: Capo/Twitter

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

Next up is smart contract platform Solana, which Capo says is likely to lose half its value if it takes support at $40.

“FLOOR. $20-$25 key support.

Image
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 broke below its diagonal support and is now on its way to its target at $1.79, almost 30% below its current price of $2.50.

“RUNE.”

Image
Source: Capo/Twitter

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