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A crypto trader and analyst, identified on Twitter as “il Capo of Crypto”, who accurately predicted the price drop of Bitcoin (BTC) to $3,000 region earlier this year, has recently stated that the leading cryptocurrency could dip towards $11,000 once again.

Over the past few weeks, Bitcoin (BTC), the largest digital currency by market capitalization, has been trending back and forth within $11,000 and $12,000 price levels. There have been lots of mixed predictions and analyses regarding its price trend.

Bitcoin (BTC) To Trend Towards $11,000 Once Again

On 13th August 2020, il Capo of Crypto shared a chart that indicates his opinion about a possible drop of Bitcoin towards $11,000.

According to the analyst, an attempt to lose the $11,000 lows on the second test would bring the price of BTC down to $9,200. He, however, opined that Bitcoin could trend to surpass $14,000 if it breaks and consolidates above $12,000 resistance.

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A Historically Accurate Analyst Speaks about What Is Next For Bitcoin (BTC)
Courtesy of TradingView

In a tweet on 5th August 2020, the analyst opined that altcoins would keep performing excellently well as long as Bitcoin (BTC) stays above $10,500 support level.

Capo of Crypto tweeted, “11500-11700, then down to test the 10400-10500 support zone, which should hold for a while. Looking for longs above that level and shorts below it. Altcoins should perform very well as long as BTC stays above 10.5k -> $EOS, $XTZ, $XRP, $XLM…”

A Historically Accurate Analyst Speaks about What Is Next For Bitcoin (BTC)

Earlier this year, Capo of Crypto accurately predicted that BTC and XRP would revisit $3,000 and $0.11 price regions respectively.

Bitcoin (BTC) Recent Price Trend

Over the past few weeks, Bitcoin (BTC) has been hovering around $11,000 price level. Some hours ago, BTC experienced a huge dip towards $11,000 mark, before a resurgence that took its digital currency to trade above $11,500.

Amidst this unstable trend, some altcoins such as Ethereum (ETH), Chainlink (LINK), and a number of minor cryptocurrencies, are proving their capacity of surging without the usual dominance of Bitcoin (BTC).

Many analysts still believe that the leading crypto is poised to record a new price all-time high before the end of this year, but nothing is certain when it comes to Bitcoin price trend. At press time, BTC is trading at $11,733.34, with a 1.38% price increase in the last 24 hours.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.