Analyst Who Called 2022 Crypto Collapse Says Bitcoin Flashing ‘Undeniable Strength’ – Here’s His Outlook
A crypto analyst known for calling the 2022 Bitcoin crash says the BTC market is showing resilience amid global uncertainty.
Pseudonymous analyst Capo tells his 909,000 followers on X that key metrics show Bitcoin’s market remains strong as the top crypto asset hovers around $69,000, after reaching a high this week at around $73,000.
“Despite the events, the strength that the market is showing is undeniable. Bears keep getting trapped.”
The analyst shares a chart highlighting the recent buying and selling volume of Bitcoin, suggesting the market is absorbing large volume sell-offs.
Source: Capo/X
The analyst also shares another chart that shows a lack of sell-orders in the $70,000 range, suggesting most investors are holding in anticipation of higher price targets.
Source: Capo/X
The analyst says if Bitcoin can convincingly regain $72,000 as a support level, he expects a quick move up into the $80,000 range.
“Just needs a strong candle close above $72,000 and we should see $85,000+ with alts outperforming.”
The analyst also notes that the 10-day relative strength index (RSI), a momentum oscillator used to determine overbought or oversold conditions, is flashing bullish in an unprecedented way.
“10-D RSI reaching oversold zone. This is literally the first time in the history of Bitcoin.”
Source: Capo/X
Bitcoin is trading for $69,202 at time of writing, up 1.6% on the day.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
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, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Analyst Who Called 2022 Crypto Collapse Says Bitcoin Flashing ‘Undeniable Strength’ – Here’s His Outlook appeared first on The Daily Hodl.
You May Also Like
Winklevoss Twins Move $130M Bitcoin to Gemini Wallets
What to Expect in Laptop Rental Services: A Cost Breakdown
