The price ofBitcoin is trading above $28,400, slightly higher than its 52 week low of $26,910, as the market is showing signs of weakness.
Capo warned that the support area around $28,000 is showing signs of demand exhaustion, as BTC has revisited the price level six times quickly.
After yesterday's bounce, almost the entire market except BTC has made a new low, showing that it was a bull trap. He said that the new low for BTC was incoming.
When Bitcoin takes out its immediate support, Capo predicts a decline in his bear market target of between $21,000 and $23,000.
Capo said that BTC broke the $30,000 support zone, which was the main pivot of the bull run. This is a zone, not a level. It is between $29,000 -- $31,000 and takes all the wicks. It is testing that zone as resistance. Capo also highlights thatBitcoin has broken down from a bear flag and is en route to his bear market target.
The minimum target of the bear flag hasn't been reached yet, but $23,000 hasn't been reached yet. He said that it was possible to see this on altcoins, where some of the main targets haven't been reached yet.