An analyst who accurately called the 2022 crypto collapse is warning that Bitcoin (BTC) may need to hold a key support level to avoid a severe collapse.
Pseudonymous analyst Capo tells his 954,800 followers on the social media platform X that Bitcoin may decline more than 37% of its current value if it loses $92,000 as support.
“After a strong bounce from April’s low at $75,000, BTC has now reached the $92,000-$98,000 target area I previously marked on the chart. To keep it simple:
- Above $92,000-$93,000: bullish, but strong resistance at $96,000-$98,000.
- Below $92,000: bearish.
In my opinion, we’re seeing low timeframe distribution at these levels. Still, while it lasts, altcoins could keep pumping. I’ll start taking profits soon.”
Source: Capo/X
Looking at his chart, the analyst suggests Bitcoin could plummet to $60,000 if it fails to hold $92,000 as support.
Bitcoin is trading for $96,608 at time of writing, up 2.6% in the last 24 hours.
Next up, the analyst tells his 125,860 subscribers on his Telegram channel that he is remaining bullish on the graphics processing unit (GPU) rendering network altcoin Render (RENDER).
“RENDER update (before and after). 60% up from entry. $4.25 level reclaimed. Looking good to reach the main target.”
Source: Capo/Telegram
Looking at his chart, the analyst suggests Render will next hit $6.58.
Render is trading for $4.65 at time of writing, up 4.7% on the day.
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