Analysis

Analyst Capo predicts “final capitulation” for Bitcoin and ETH

Closely watched analyst Capo says the “final capitulation” for Bitcoin (BTC) and Ethereum (ETH) could be imminent before a significant reversal takes place.

Capo says that while bitcoin has shown some resilience over the past week, the eventual downside below $30,000 remains his base case.

According to Capo, BTC is likely to fall below $30,000 in a short period of time, but traders should brace for a much more extreme situation. He was referring to the March 2020 capitulation when most BTC bulls underestimated the collapse of the downtrend.

“This will be the final surrender candle.

The main case is still $28k-$30k, but if there is enough liquidation brace yourself for a much lower slide.

Be careful. I’m ready for anything.”

The source: Capo/Twitter

As bullish sentiment towards Bitcoin returns to the market, Capo braces for the worst and plots a potential drop below $20,000.

“You wake up and the weekly BTC chart looks like this. What you gonna do?”

The source: Capo/Twitter

Capo also pointed to a number of factors that could complicate things for bitcoin bulls.

“As BTC is in a downtrend with SPX (S&P500) looking very bad, DXY (US Dollar Index) looking bullish, bulls believe this is the bottom and BTC will reach $50k within two more days. “

Looking at Ethereum, Capo says that ETH will only be ready to move higher when it hits $1,800, which is 31% below current prices at the time of writing.

“Strong rejection through resistance, next target should be $1,800. Expect a rebound from there.”

The source: Capo/Twitter

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Gate.io Shatters Records in Total Trading Volume in Q3 2024, with Its User Base Surpassing 17 Million

In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…

1 hour ago

MEXC Champions the Future of Crypto Content Creation at CCCC

MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…

1 hour ago

Dtec Announces Global Partnership with DİZAYNVIP to Elevate AI-Driven Mobility Design  

Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…

2 hours ago

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

6 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

9 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

11 hours ago

This website uses cookies.