Monday, March 1, 2021

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

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.

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
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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