Top crypto analyst Capo has indicated that the Bitcoin price crash is not over yet. This comes amid a recovery in the flagship crypto, which has risen from the lows recorded in recent times crypto market crash.
Analyst predicts a 30% decline for Bitcoin price
In his last market updateCapo predicted that the Bitcoin price could fall another 30%. This came when he noticed that the flagship crypto remains above $100,000far from the $60,000 to $70,000 range that would align with a full market correction. He added that the downside potential remains significant until then.
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This market update comes amid the crypto market crash last Friday, when Bitcoin fell to a low of $104,000. Trump’s announcement of a 100% tariff on China. $19 billion was wiped from the crypto market, marking the largest liquidation event ever. Capo believed that the event was likely the “pre-Black Swan event” and the first phase of something bigger.
The analyst noted that altcoins have already experienced a historic capitulation, but several major coins have still not fully flushed. Capo claimed that the fuses would eventually need to be filled and that even lower levels may be in the offing the Bitcoin price and the broader crypto market. Meanwhile, he said a brief consolidation over the weekend was likely, but further negative impacts should follow this week as global markets open.
The Bitcoin price bounced this weekend, reaching a high of $116,000 long positions stacked again after the wipeout. Crypto analyst The King Fisher highlighted upside liquidity to $118,000, noting that “the weekends are for fishing for liquidations in the BTC range.” It is worth mentioning that BTC has also recovered thanks to this Trump’s statement on Sunday, in which he allayed fears of an outright trade war with China.
The bull market isn’t over yet
Crypto analyst Titan of Crypto insured that there is no bull market yet, indicating more upside potential for the Bitcoin price. The analyst explained that the bull market starts when BTC regains its 50 SMA and that the bear market starts when it loses it. The flagship crypto also achieved a weekly candle close above $112,000, confirming Titan of Crypto’s thesis.
Meanwhile, crypto analyst Jelle noted that the Bitcoin price has returned to the $115,000 resistance area. He further noted that a successful recovery from this level could send the flagship crypto to a new all-time high (ATH). BTC had one new all-time record above $126,000 before last week’s crash, wiping out October’s gains.
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At the time of writing, the Bitcoin price is trading around $115,100, up over 3% in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com