CryptoCapo only sees bearish options on bitcoin price. In a tweet, he shared to his 478,000 followers that two options are likely for the crypto king. While hope seems to be rekindled lately, however, bitcoin’s chart shows us that winter is far from over and a downtrend is in sight. So the bear market will likely continue and lower levels are yet to come.
Bitcoin (BTC): a slight rise before reaching a lower level
This is the first option, according to CryptoCapo : continuation of the current upward trend in the short term. However, buyers are no longer going to push higher than $25,500. This slight rise in bitcoin will then be followed by strong bearish momentum. This will lead the price of BTC to reach a lower level. In other words, the price of this crypto will come up against a resistance zone: between $25,400 and $25,500, before falling below $17,500.
Bitcoin (BTC): a downtrend from the current price
CryptoCapo offers a second option. According to him, it could also be that the price of bitcoin goes directly to a lower level, from the current price. The price target then remains the same for both options: below $17,500. But this second option bets on the inability of the bulls to push higher than $24,800. Thus, the bears will take over and drive bitcoin into a downtrend again.
CryptoCapo also noted in his tweet, that the area around $23,500 and $22,500 is one to watch. If the value of bitcoin exceeds this zone, it is the confirmation of a bearish trend.
That said, nothing is certain in crypto trading since everything is just a matter of probability. We could then add a third option, which is not bearish for bitcoin. This last scenario is entirely possible, although less probable. This is because the price of BTC breaks above $25,500 and consolidates above $26,000.
Receive a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!