Crypto analyst Capo from Crypto raises concerns about Bitcoin potentially dropping to $70,000. He suggests there are significant selling pressures from large wallets.
Capo's Price Movement Warning
According to Capo, Bitcoin, currently trading at $108,912, could temporarily drop to $70,000. He notes that large wallets are quietly selling their assets while institutional purchases are insufficient to support sustainable price increases.
Key Support at $100,000
Capo emphasizes that the $100,000 level is critical for predicting Bitcoin's future movements. He argues that a definitive candlestick closure below this level can cause significant selling pressure. He also mentions large block transactions, which he describes as 'hidden movements,' entering exchanges while volume data conceals this activity.
Old Wallet Movements and Their Impact
Recently, the movement of 80,000 BTC from dormant wallets inactive for 14 years has raised new selling concerns. These transfers, valued at over $8.7 billion, may create pressure on the market, as the awakening of dormant capital could exacerbate supply issues. Additionally, Capo notes geopolitical factors, such as tensions between China and Taiwan, that could influence financial markets and deepen the price drop in cryptocurrencies.
In the current volatile situation and potential negative factors, analyst Capo evaluates the chances of Bitcoin's decline and the threat it poses for altcoins. In the absence of sustained purchases, monitoring market movements in cryptocurrencies is crucial.
