Crypto Rover has cast doubts on the recent prediction by Capo that Bitcoin (BTC) could plunge to $12,000 before rebounding. This projection would require Bitcoin to break through crucial support levels at $25,200 and subsequently $19,000-$20,000.
Throughout the past week, Bitcoin's performance has been erratic. The cryptocurrency began trading at $27.65K and experienced a brief increase before falling below this initial price point. For three consecutive days, its value oscillated between $27.75K and $28.25K, reaching a peak of $28,227 on the second day. However, a mid-week dip led to a closing price of $26,904 on Wednesday, marking a 2.72% decrease over seven days.
Despite this decline, there is potential for an upward trend that could propel Bitcoin towards the $30,000 mark if maintained. On the other hand, growing selling pressure may push Bitcoin to retest the $25,300 level. A further intensification of selling could even result in a drastic fall to $19,000 or as low as $12,000.
The Accumulation/Distribution Line indicator reading of $10.6M and its downward trajectory further emphasize a bearish outlook for Bitcoin. This indicator measures the cumulative flow of money into and out of an asset and is typically used to confirm price trends or warn of potential reversals. Its current downward path suggests that more traders are selling Bitcoin than buying it, potentially signaling further price drops in the near future.
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