Bitcoin (BTC) May Need to Hold a Key Support Level to Avoid a Severe Collapse

Analyst Who Accurately Called 2022 Crypto Collapse Warns of Bitcoin Plunge

Pseudonymous analyst Capo, who accurately called the 2022 crypto collapse, says that Bitcoin (BTC) may need to hold a key support level to avoid a severe collapse.

The analyst, who boasts nearly a million followers on the social media platform X, says that Bitcoin could decline more than 37% of its current value if it loses $92,000 as support.

“After a strong bounce from April’s low at $75,000, BTC has now reached the $92,000-$98,000 target area I previously marked on the chart. To keep it simple:

In my opinion, we’re seeing low timeframe distribution at these levels. Still, while it lasts, altcoins could keep pumping. I’ll start taking profits soon.”

The analyst suggests Bitcoin could plummet to $60,000 if it fails to hold $92,000 as support.

Bitcoin is trading for $96,608 at time of writing, up 2.6% in the last 24 hours.