A well-known cryptocurrency analyst under the pseudonym Capo predicted a correction in the Bitcoin rate. He noted that, most likely, the cost of the flagship cryptocurrency will fall, given what is happening in the market. According to him, he came to this conclusion by looking at the digital gold chart.
The analyst emphasized that the fall below $40,000 is a key factor that could be an omen of further depreciation of the digital currency. According to him, Bitcoin will start to fall in price in the very near future. He conducted a technical analysis and noted that the current market structure on the 4-hour chart is reminiscent of BTC price behavior during the March 2020 pandemic-induced crash.
Read also: Analyst Predicts Bitcoin Price To Fall To $27,000
The cryptocurrency strategist also stated that the course bitcoin For a long time, it was repelled from diagonal support, which kept BTC above $30,000. However, now the rate of the leading cryptocurrency has broken the uptrend line and will correct up to $21,000.
Capo noted that he closely monitors order books across various cryptocurrency exchanges to track supply and demand for the key virtual asset. According to him, a massive withdrawal of orders to buy BTC was recorded on the Deribit platform, which significantly increased the likelihood of an asset correction. He also noted that on the Bitfinex exchange, traders removed a large number of buy orders at a rate in the range of $29,000 to $34,000.
Earlier edition informed that cryptanalyst Jason Pizzino spoke about the events that must occur in order for the value of the Bitcoin cryptocurrency to reach $1 million. The expert said that sooner or later this will definitely happen. The specialist noted that despite the fantastic nature of such a scenario, it is the most plausible.