A crypto analyst who accurately predicted a huge nosedive in the price of Bitcoin (BTC) is back with another bold and bleak forecast.
In a tweetstorm, the pseudonymous analyst Capo Of Crypto tells his 16,000 Twitter followers that he is taking a break from the social media platform until Bitcoin confirms his bearish bias or invalidates it with a strong push. He believes BTC will sink to as low as $1,000.
“I won’t post anything else on Twitter until BTC goes below $5,000 or consolidates above $10,500. The bias is still bearish, and the main targets are $2,000 and $1,000 if the distribution is finally confirmed.”
The crypto strategist says his bearish bias will be confirmed if Bitcoin breaks $8,500 support in the three-day timeframe.
He makes the case that BTC bulls have lost control of the market after the king cryptocurrency invalidated a bullish continuation pattern late last month.
While Capo Of Crypto is bearish on BTC, he believes one altcoin has managed to decouple from Bitcoin’s trend.
He says ChainLink (LINK) is poised to ignite a strong rally even after posting gains of over 346% year-to-date.
In January, when Bitcoin was bullish and threatening to breach key resistance of $10,000, the pseudonymous crypto strategist made a counterintuitive call and said he expected BTC to carve a bottom at $4,500.
His target was hit in March, as the leading cryptocurrency plummeted to $3,850 at the height of the coronavirus-induced sell-off.