A well-known cryptocurrency analyst under the pseudonym Capo predicted a correction in the Bitcoin rate. He noted that, most likely, the value of the flagship virtual asset will fall, given what is happening in the market. According to him, he came to this conclusion by looking at the digital gold chart.
The analyst stressed that a drop below $40,000 is a key factor that could portend further depreciation of the digital currency. According to him, Bitcoin will start to fall in price in the very near future. He conducted a technical analysis and noted that the current market structure on the 4-hour chart is reminiscent of BTC price behavior during the March 2020 pandemic-induced crash.