Crypto Youtuber Crypto Rover expressed his unbelief in a prediction made by Capo. Capo’s prediction forecasted that Bitcoin would drop to $12,000 before spiking again. This meant that BTC could break the support level at $25,200 and thereafter break the support at $19,000-$20,000 before reaching the $12,000 level. It could have either been his expert technical knowledge or his strong faith in BTC that could have created this unbelief in Rover.
Capo is calling for a $12,000 #Bitcoin
Do you believe this will happen? pic.twitter.com/yEcRlvaZmJ
— Crypto Rover (@rovercrc) October 11, 2023
When considering the behavior of BTC during the past week, it was priced at $27.65K when the markets opened for trading for the week. During the first few hours of day one, BTC gained value and thereafter crashed below the opening market price.
BTC/USDT 1-Weel Chart (Source: CoinMarketCap)
The dawn of the second day brought some hope. BTC started to trade between $27.75K and $28.25K for the next three days while registering its highest price of $28,227 on the second day. Although BTC tried to consolidate on the fifth and sixth day just below the opening market price, it wasn’t able to. BTC started crashing mid-way on the sixth day and kept decreasing until the seventh day. Currently, it is trading at $26,904 after experiencing a decrease of 2.72% in 7 days.
BTC/USDT 1-Day Chart (Source: Tradingview)
When considering the above chart, it can be noted that there has been a new trend established for BTC. It is currently gaining value and there is a high chance that it could reach $30,000, given that this trend continues. Once, this above-mentioned resistance is broken, then, BTC may try to reach the $31,500.
However, there seems to be some selling pressure building, as such BTC could fall. In the event that BTC is to fall, then, there’s a high chance that it could test the $25,300 level. If the above said support is broken, then, BTC may test the $19,000 level. If more and more traders sell BTC, then it may seek the assistance of $12,000. The Accumulation/Distribution Line reads a value of $10.6M and the line seems to heading downwards. This indicator supports the bearish thesis.
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