Bitcoin, the leading cryptocurrency, spent April with declines. As the declines continued on the first day of May, BTC fell below $ 57,000.
While the decline in BTC is getting deeper, Capo of Crypto, who is known for his bearish views and is frequently criticized by investors with his bearish comments, made a new assessment after today's decline in Bitcoin and the general cryptocurrency market.
Stating that BTC reached its previous target of $57,000-59,000 and Ethereum reached $2,700-2,800, il Capo said that a local bottom could be seen at these levels.
However, the analyst stated that there is a strong demand below these levels and said that he will not enter any position until he sees a strong downward reaction or approval in BTC and altcoins and that he will be careful before taking a position.
Also adding that he closed CRO and BNB shorts profitably, il Capo added that there is a possibility of further decline.
“BTC reached its base level of $57k – $59k, while ETH reached $2700 – $2800. What should we expect now?
We can see a local bottom formation here, but for that we need a strong bullish PA.
There is significant demand below these levels, and that's a good thing. But I will be careful before entering any position until I see a strong reaction or confirmation.
I made a profit on my CRO and BNB shorts. They may fall further, but profits are already very good and we are currently at support level.
Let's see how prices react here. For now, I'm going to wait until we see a reversal.”
*This is not investment advice.
