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.”
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.”
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.
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.”
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.