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

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