Bitcoin To Drop To $1,000? Popular Analyst Debates Bitcoin’s Future
There have been a lot of optimistic Bitcoin predictions, especially since the May halving and amidst this, a crypto analyst who predicted a huge nosedive in the price of BTC is back with one other terrible prediction.
Bitcoin to hit $1,000?
The online publication the Dialy Hodl notes that the pseudonymous analyst Capo Of Crypto said that he is taking a break from the social media platform until Bitcoin confirms his bearish bias or invalidates it with a strong push. He also said that he believes BTC will sink to as low as $1,000.
“I won’t post anything else on Twitter until BTC goes below $5,000 or consolidates above $10,500. The bias is still bearish, and the main targets are $2,000 and $1,000 if the distribution is finally confirmed.”
$9.8k-10k target reached.
Starting to see some hidden divergences on ltf, with positive funding on the different exchanges.
Consolidation below $9300 and it should go to the range low ($8200-8500). That would be the decision point, in order to know if it’s SOW or Spring. pic.twitter.com/ebqFfknu16
— il Capo Of Crypto (@CryptoCapo_) June 4, 2020
He also said that bulls had lost control of the market:
Do you still think this is an ascending triangle? pic.twitter.com/s81OHpDZBm
— il Capo Of Crypto (@CryptoCapo_) June 30, 2020
As you can see, he is bearish on BTC, but on the other hand, he believes one altcoin has managed to decouple from Bitcoin’s trend.
He’s addressing ChainLink (LINK) which he said is poised to ignite a strong rally even after posting gains of over 346% year-to-date.
— il Capo Of Crypto (@CryptoCapo_) July 8, 2020
Anyway, at the moment of writing this article, the king coin is trading in the green and it’s priced at $9,215.90.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.