Pending Bitcoin's descent below a critical support level, a large-scale capitulation is foreseen, as per a crypto analyst's prediction.
Crypto Capo's Warning: Bitcoin Could Plummet if It Fails to Hold $92,000 Support
Intriguing developments are unfolding in the crypto market as crypto analyst, Crypto Capo, issues a stern warning for Bitcoin holders. The analyst notes that if Bitcoin fails to hold the current support level at $92,000, the digital currency may plunge by over 37%, potentially hitting $60,000.
On the social media platform, X, Capo shared insights about Bitcoin's price action and outlined two possible scenarios:
- Bullish above $92,000-93,000: Bitcoin remains on an upward trend and could surge higher, but it faces strong resistance at $96,000-$98,000.
- Bearish below $92,000: If Bitcoin breaches the $92,000 support, it signals a bearish trend, and altcoins may continue to pump in the meantime.
Bitcoin is currently trading at $96,608, up 2.6% in the last 24 hours [Source: Market data].
Capo Remains Bullish on Render
Meanwhile, Capo's Telegram following received an update about Render, a GPU rendering network altcoin. The analyst shared his optimistic stance on Render and highlighted its potential to reach a new high. Based on Capo's analysis, Render could see an increase of around 40% and reach $6.58.
Render is presently trading at $4.65, with a day-over-day increase of 4.7% [Source: Market data].
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets.
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- Crypto Capo, in his analysis, predicts a potential 37% decline for Bitcoin if it fails to hold the $92,000 support, implying a potential drop to $60,000.
- In a contrary scenario, if Bitcoin manages to hold above $92,000-$93,000, it could surge higher but may face strong resistance at $96,000-$98,000, suggestive of a bullish trend.
- Alongside his bearish sentiment for Bitcoin, Capo remains bullish on Render, a GPU rendering network altcoin, predicting an increase of around 40% to reach $6.58.
- As the crypto market continues to evolve, it's essential for investors to stay updated on the latest trends, including the launch of new blockchains, partnerships, hacks, and regulatory developments.
- The Daily Hodl platform provides extensive coverage of the digital asset world, featuring articles on Bitcoin, Ethereum, trading, altcoins, finance, blockchain, futuremash, regulators, scams, hacks, and breaches.