Analyst warns Bitcoin and Cardano slowdown is likely, here are his new targets

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A popular cryptocurrency analyst says Bitcoin, Cardano, and the crypto markets as a whole are probably heading for a big correction.

The analyst, a pseudonym known as Capo, tells his 148,000 Twitter followers that Bitcoin (BTC) has hit a “local top” and could fall below the $ 40,000 price point.

“I think BTC is over here… expect a big correction across the market in the next few days. BTC’s primary goal is $ 38,000. This is a local summit [by the way]. The uptrend will resume after this.

Crypto analyst and trader believes that Bitcoins’ lower time frame (LTF) bull market structure (MS) is broken.

“I would expect a weaker rebound in dead cats from here, but then a further drop to $ 37,000 to $ 40,000, which would be a very good long-term buying opportunity. A new one. ATH will come this year.

Earlier this month, as Bitcoin traded around $ 46,000, Capo said the flagship cryptocurrency would rally at $ 50,000, but would then drop to around $ 40,000 to $ 41,000 before breaking down. reach a new record.

“50k -> 40k-41k -> consolidation above 50k -> New ATH”

The crypto analyst also predicts that Cardano (ADA) will drop to around $ 1.85 to $ 1.90, but will likely appreciate more than five times after the retracement.

“It looks heavy here. Potential correction to $ 1.85-1.90. The macro view is bullish and it will likely hit $ 10 or more this year. “

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Featured Image: Shutterstock / Tithi Luadthong

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