New statements came from the analyst using the pseudonym Capo, who made a name for himself with his accurate predictions about the Bitcoin and cryptocurrency market in 2022.
Capo of Crypto, known for its bearish views and frequently criticized by investors for its bearish comments, updated its BTC analysis.
Stating that Bitcoin is in support but still showing weakness, il Capo said that the weekly close is important.
At this point, he argued that if there is a weekly close above $40,000, it could rise to $44,500 or even higher.
“Bitcoin is showing weakness but is still at major support ($40,000-$41,000).
As long as it stays above $40,000 at the weekly close, it could jump to 44,500 and even higher.
Volume is falling, but there is strong demand below and funding is being reset.
There could be a final drop to $40,000 or below to get more liquidity before the bounce.
A weekly candle close or price movements below $40,000 could be confirmation of a bearish trend, but in my view, Bitcoin will move higher soon.”
Bitcoin continues to trade at $40,575.
*This is not investment advice.