Analyst Warns Bitcoin Could Face Severe Drop Without Key Support

Crypto analyst Capo warns that Bitcoin (BTC) must maintain the key support level of $92,000 to avoid a drop of over 37%, potentially falling to around $60,000. Meanwhile, altcoin Render (RENDER) shows promising gains, currently trading at $4.65. Investors are urged to exercise caution amidst market fluctuations and conduct thorough research before making investment decisions.

A well-known crypto analyst, known as Capo, who previously anticipated the downturn in 2022, is back with a stark warning for Bitcoin investors. He cautions that BTC must maintain a crucial support level to evade a significant collapse. His analysis shared with his 954,800 followers on X indicates that if Bitcoin fails to hold the $92,000 support, it could see a staggering drop of over 37%.

Bitcoin has rebounded from its April low of $75,000 and currently finds itself hovering around the $96,608 mark, having enjoyed a 2.6% increase in the last 24 hours. The analyst outlines key levels: a bullish trend remains if Bitcoin stays above $92,000-$93,000, but a shift below this could spell trouble. He noted the strong resistance at $96,000-$98,000, saying, “We are observing low timeframe distribution at these levels. Altcoins might continue to see gains, but I’ll be cashing in profits soon.”

Should Bitcoin dip below that $92,000 threshold, Capo forecasts it could plummet to around $60,000. His warning brings renewed attention to the potentially volatile nature of the crypto market, which many believe is still reeling from recent fluctuations.

In a broader context, the analyst also shared insights with his 125,860 subscribers on Telegram about altcoin trends, specifically focusing on Render (RENDER), a graphics processing unit rendering network. He noted a robust performance, stating Render is up 60% from its entry point and has reclaimed the $4.25 level. “Looking good to reach the main target,” he said, projecting that Render could climb to as much as $6.58 in subsequent trading.

At present, Render is trading at $4.65, reflecting a 4.7% increase for the day. This indicates a continued interest and activity within altcoins even as Bitcoin’s fate hangs in balance. Investors are encouraged to watch the price movements closely, particularly in this dynamic market environment.

In conclusion, potential Bitcoin investors should take heed of the signals emerging from analysts while navigating this turbulent landscape. Each trading decision requires careful consideration due to the inherent risks. As always, due diligence is essential for any high-risk financial endeavour involving cryptocurrencies.

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