This Is Why Bitcoin Price Is About To Fall Below $23k, Per Analyst

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Bitcoin holders should be aware that the BTC price. As BTC is about to hit a new 52-week low, according to a well-known crypto analyst and trader.

As the crypto markets continue to exhibit symptoms of weakness, pseudonymous trader Capo informs his 322,300 Twitter followers that another sell-off event is in the works for Bitcoin.

According to the trader, After yesterday’s rally, almost the whole market, with the exception of BTC, has struck a new bottom, indicating that it was a bull trap. BTC is about to hit a new low.

Good morning.

Almost the entire market except $BTC has made a new low after yesterday's bounce, showing that it was in fact a bull trap. BTC new low incoming. https://t.co/eNPvmdy4Ok

— il Capo Of Crypto (@CryptoCapo_) May 27, 2022

Bitcoin has managed to trade above $28,400 in the previous seven days, slightly higher than its 52-week low of $26,910. Capo, on the other hand, cautions that the $28,000 support region is showing indications of demand depletion, citing the fact that BTC has revisited the price level six times in a short period of time.

He claims that there’s nothing to be excited about here. That support isn’t going to last long.

Bitcoin Price To Bottom Below $23,000

Capo sees a dramatic drop to his bear market forecast of $21,000-$23,000 after Bitcoin loses its immediate support.

At the start of this month, the crypto analyst correctly anticipated that Bitcoin will break through the critical psychological price threshold of $30,000, and he revealed his thesis on why he thinks BTC will print to a new annual low.

According to Capo, these are some of the reasons where we could see new lows in the next days :

The primary pivot of the bull run, the $30,000 support zone, was broken by BTC. Taking all the wicks into account, it’s between $29,000 and $31,000. Now it’s putting that zone to the test as a source of resistance.

On the other hand, Capo also points out that Bitcoin has tumbled down from a bear flag, indicating that it is on its way to his bear market goal. He further quotes that the bearish flag’s minimum target has not yet reached $23,000.