Ultimate Capitulation For Bitcoin And Ethereum Ahead Of Bullish Reversal

There are all kinds of optimistic predictions about the price of Bitcoin amidst the market price recovery. Check out the latest news about Bitcoin and Ethereum below.

A famous crypto analyst says that an “ultimate capitulation” could be approaching for Bitcoin (BTC) and Ethereum (ETH) before any bullish move can take place.

The pseudonymous analyst known as Capo explained that while Bitcoin has shown some resilience in the last week, there is a final downward movement below $30,000 that remains his base case.

The analyst believes that BTC briefly dipping below $30,000 is likely, but traders should be prepared for something much more extreme.

He brought up the capitulation of March 2020 when most BTC bulls underestimated the bearish collapse.

“This would be the ultimate capitulation candle. Main scenario remains $28,000 – $30,000, but if there are enough liquidations, we could expect the wick going much lower. Be careful. I’m ready for everything.”

Bitcoin is showing signs of strength, and the analyst is mapping out a potential drop below $20,000.

“You wake up and the weekly BTC chart looks like this. What do you do?”

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $37,150.

Capo also addressed a few factors that can make it difficult for bulls to turn Bitcoin around.

“Because we are in a bearish trend, with the SPX (S&P500) looking very bad, DXY (US dollar index) looking bullish, and bulls thinking that this is the bottom and we are going to $50,000 in two days.”

Here’s what he had to say about Ethereum.

“Strong rejection from resistance, next target should be $1,800. Expecting a bounce from there.”

At the moment of writing this article, ETH is trading in the red, and ETH is now priced at $2,524. Stay tuned for more news.