A crypto analyst, who correctly predicted the collapse of 2022 in the cryptocurrency market, warns that Bitcoin (BTC), may have to maintain a critical support level to prevent a serious collapse.
Pseudonymous Analyst Capo told his 954800 followers via the social media platform X, that Bitcoin’s value could drop by more than 37% if $92,000 is removed as support.
After a big bounce off the low of April at $75,000 BTC is now in the target range I marked previously on the chart, which was $92,000 to $98,000. Keep it simple.
-
Above $92,000 to $93,000: Bullish but with strong resistance between $96,000 and $98,000.
-
Under $92,000, bearish.
I think we are seeing a low-timeframe distribution. Altcoins may continue to rise as long as the current trend continues. Soon I will start to take profits .”
The analyst’s chart suggests that Bitcoin may fall to $60k if the $92,000 support is not maintained.
Bitcoin has risen 2.6% over the past 24 hours to $96,608 as of this writing.
The analyst then told his 125.860 Telegram subscribers that he was still bullish about the altcoin Render, which is a graphics processor unit (GPU), rendering network.
Update on “RENDER” (before and After). Entry 60% higher than entry. $4.25 level reclaimed. Looks like you’re on track to hit the target .”
According to his analysis, Render is expected to hit $6.58 in the near future.
At the time this article was written, Render traded at $4.65. This is up 4.7% from yesterday.
Please follow us at X@InvCryptoDaily
Subscribe for email alerts to avoid missing a beat
___________________
___________________
Featured Image: Shutterstock/WhiteBarbie/kryzhov
As new information becomes available, this post Massive Capitulation Coming for Bitcoin If BTC Falls below Major Support Level According to Crypto Analyst will be updated.
