Pseudonymous trader Capo to his 323,500 twitter followers says that demand for bitcoin at $28,000 is nearly exhausted as BTC bears to continue to stack massive sell orders above $29,000.
A closely tracked crypto strategist who builds a following with his bearish calls says it is almost time for leading digital asset Bitcoin (BTC) to ignite another huge sell-off event. Stating:
“That’s 5,000 BTC there. Demand is gone. When $28,000 is tested again, we could see bulls capitulating.”
Capo further highlights that the Bitcoin support around $28,000 seven times in a little over two weeks, suggesting the key level is poised to collapse.
Capo recently predicted Bitcoin will likely bottom out between $23,000 and $21,000, whereas Bitcoin is changings hands for $28,988.
Considering the top altcoin Ethereum, Capo warns that ETH should take out support at $1,700, which can nosedive to as low as $1,000. The analysts note that Ethereum saw massive amounts of exchange inflows over the last week, indicating bearish. Whereas Ethereum is trading at $1,731 currently, down more than 11% in the past seven days.
It’s not all Bearish Indicators for the king crypto as both it and leading smart contract platform Ethereum (ETH) are dipping into the “historic buy zone,” according to Santiment. ETH was valued at $1,779 at the time of writing.
Capo further considering the fellow smart contract platform Solana, says it is at risk of losing half of its value if it takes out support at $40. “SOL. $20-$25 key support.”
The trading volume rose over 91% month-over-month on the Solana blockchain after NFT trades generated close to $300 million. Notably the number of UAW connected to Solana dapps increased 58% from March and has Surpassed 100,000 daily UAW for the first time.
Solana’s second most used dapp and its most popular NFT marketplace, attracted 15% more wallets than the previous month. From where the demand for Solana-based NFTs kept growing. Solana is currently holding the value of $42.08.
Further, Capo is also eyeing a decentralized exchange protocol, THORChain (RUNE). The cry[to strategist says, RUNE has broken below its diagonal support and is now en route to his target at $1.79, which is nearly below its current price of $2.50.