A well-regarded crypto analyst and strategist presented his analysis in which he claimed how the top trading cryptocurrencies could regain their lost momentum.
Bitcoin (BTC)
The analyst, who goes by the alias Capo, informs his 487,100 admirers on Twitter that while the S&P 500 futures market is seeing positive movement, bitcoin price could reclaim $23,000.
However, he says that BTC could even make a lower high, but once that happens, the first-born currency will eventually collapse.
#SPX futures bounce off support as expected. Resistance between 4220 and 4280 to form a lower high.
Only a matter of time before BTC follows to 23000-23500 also to form a lower high (w2 of w5)
Then we should see a rejection from there and a continuation of the downtrend. https://t.co/Oo5VwSPNQY pic.twitter.com/8F0ES9t7NJ
— il Capo Of Crypto (@CryptoCapo_) August 25, 2022
While emphasizing Bitcoin’s downward movement, Capo claims that Bitcoin’s key resistance right now is $23,000 and $23.5,000 and any short squeeze in this area is a better sell.
He then claims that the actual support is at $19,000 which will confirm bearish momentum for the king currency. The analyst goes on to say that in this case the currency will fall as low as $16,000, which is most likely to happen in the coming weeks.
Capo’s bearish prediction on Bitcoin was made much earlier on March 12, when the currency was selling off at $39,000. During the time, he had claimed that BTC will see a break of $38,000, then $35,000 and $30,000.
He had also claimed that once bitcoin falls below $30,000, the currency will slide towards $23,000 and then trade around $21,000.
Right now Bitcoin is valued at $20,243
Cardano (ADA)
Next, Capo Cardano (ADA) discusses and cites that there are high chances that the ADA price will surge from a low of $0.44 to trade between $0.48 and $0.52.
At the time of writing, Cardano is trading at $0.43 with a 7.16% drop over the past 24 hours.
Sunshine (SUN)
The analyst then completes his analysis using Solana (SOL), a layer 1 protocol. Capo tries to answer the speculation on ADA’s ability to turn the current resistance into a support area.
In response to the question, he says that SOL is likely to make a lower high before forming a bearish move towards $30 to recapture the mid-August price crunch.
Over the past 24 hours, SOL is down 9.41% to $31.81.
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