A pseudonymous analyst who had earlier predicted a collapse in the crypto market for 2022, has now signaled that Bitcoin BTC/USD is poised to go on a bearish trend.
What Happened: The pseudonymous analyst known as ‘Capo of Crypto on Wednesday’ took to Twitter to issue a warning to his 734,000 followers that BTC was on the brink of 'capritulation', which looks like he misspelled capitulation.
Capo shared a chart that suggests BTC is likely to fall from the current price range of $28,000 to $12,000, with a floor of $11,227.
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Capo shared that he could turn "mega bullish" if Bitcoin's price reached his target or the analysis was invalidated.
The analyst on Monday divulged that his primary short positions were in Binance Coin BNB/USD and Tron TRX/USD, adding that he had other shorts for AAVE AAVE/USD and Solana SOL/USD.
Price Action: At the time of writing, BTC was trading at $28,085, up 4.19% in the last 24 hours, according to Benzinga Pro.
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