This Crypto Analyst Thinks Bitcoin Will Retrace By 50%: Here's Why

According to the pseudonymous crypto analyst Capo, Bitcoin (CRYPTO: BTC) will see 50% retracement, and the overall cryptocurrency market will fall even more. 

At the time of writing, Bitcoin was trading at $39,726.34, almost 2% down in the last 24 hours. This means a 50% drop for Bitcoin would see it retrace to a price of around $19,500.

I'm expecting 50-70% retracement on the entire market (50% for BTC, 60-70% for altcoins) https://t.co/TmaIeN8R4V pic.twitter.com/NXYlEXarmU

— il Capo Of Crypto (@CryptoCapo_) April 21, 2022

Earlier this week, he predicted that Bitcoin would drop below $30,000. 

Also Read: Here's Why This Bitcoin Analyst Thinks BTC Is Approaching A Critical Juncture

Yesterday, after the bounce, Deribit pulled all the bids that were between 29k and 34k, holding the price within the range.

Sub $30k is more likely now. pic.twitter.com/mQRNn22RB1

— il Capo Of Crypto (@CryptoCapo_) April 19, 2022

He also said that Bitcoin’s recovery from below $39,000 at the start of the week was a dead cat bounce and warned against getting “trapped above $40,000.”

However, on Friday, altcoins declined less than Bitcoin, suggesting that the current pullback in prices could be temporary. 

Crypto trader Peter Brandt also believes that Bitcoin is heading for a serious price dip and could drop to $27,000. This means the move would represent a more than 31% decrease for Bitcoin. 

Could go to $27k first

— Peter Brandt (@PeterLBrandt) April 20, 2022

Brandt also speculates that the Nasdaq-100 Index could be mirroring the dot-com crash of the early 2000s. 

Also Read: 30,000 Bitcoin Are Moved Out Of Coinbase Exchange In Single Day