A bitcoin specialist predicts that in November, the asset will fall to $14,000.
Expert swing trader and crypto analyst il Capo of Crypto continues to comment on the cryptocurrency markets, predicting an impending drop for the Bitcoin cryptocurrency to $14,000 after what he labels a “false pump” to levels between $21,000 and $21,500.
Il Capo has for some time now published a number of assessments on both Bitcoin and Ethereum, alerting the public to impending negative conditions for both assets as the impacts of the current bear market continue to chill the market.
His most recent assessment of Bitcoin’s price movement is consistent with earlier forecasts, which he seems to have maintained despite rising market apprehension. He claims that BTC appears bullish in the near term but bearish in a longer time frame.
“Low timeframes favour the bull. Bearish on the high period. Il Capo attempted to reaffirm his broad position on the asset’s price trend in a recent tweet to his 574k+ followers. “Last phoney pump to 21000-21500, 14k,” il Capo projected.
The well-known swing trader predicts that during the most recent surge, the asset would see another pump to the region between $21,000 and $21,500. However, he has cautioned his followers against relying on this pump, calling it “false,” since he believes a rejection will drive Bitcoin to a price last seen in November of 2020—$14,000.
When BTC has reached levels higher than $21k, the bears have consistently put up barrier. On October 29, for instance, the most recent rise brought the asset very near the zone, rising above $20,900 before falling below $20,600. Since then, BTC has been consolidating for three straight days between $20,200 and $20,800.
The approaching FOMC meeting, where the markets anticipate an interest rate hike of 75 basis points, will probably influence Bitcoin’s future move from this zone because of the asset’s recently discovered correlation with conventional finance and macroeconomic conditions. If il Capo’s prediction comes true, the asset may rise above $21,000 before eventually falling to $14,000.
Il Capo recently reaffirmed his forecast for a pump above $21k in a tweet, saying that this would signal the end of the distribution. He believes that the recent relief rallies in the cryptocurrency markets are coming to an end and predicts that BTC and all popular altcoins will plummet to lower lows.
Il Capo predicts that this historic reversal will occur after the November 8 U.S. Midterm Elections and refers to the trend change as a “mega bomb” for BTC and ETH.
BTC, which has fallen by 2.17% in the last week and is currently changing hands at $20,431, has begun to give up the gains it made during the most recent rise. On-chain numbers are still generally positive, but sentiment has dwindled recently.
Long-term asset holders are moving their assets lower, according to the BTC Binary CDD measure, with long positions being dominated by the Funding Rate.
The Fund Market Premium, however, indicates that there is little buying demand on BTC products, including ETFs. In addition, as The Crypto Basic recently revealed, Cosmos Asset Management has decided to delist its BTC and ETH spot ETFs in Australia due to the impact of the “Crypto Winter” and a lack of investor interest.
Disclaimer: The opinions expressed in the article are those of the author and may include personal observations. Considerable risk comes with all financial assets, including cryptocurrency, so always conduct thorough research before investing. The author or publication is not liable for your financial gains or losses; never invest money that you cannot afford to lose.
