Top Analyst Forecasts a BTC Dip to $14k, As Higher Time Frames Look Bearish

Bitcoin analyst sees the asset plummeting to $14k in November. 

il Capo of Crypto, an accomplished swing trader, and crypto analyst, continues to weigh in on the crypto markets, warning of an imminent crash to $14,000 for the firstborn crypto following what he terms a “fake pump” to levels between $21,000 and $21,500.

il Capo has for some time released several analyses on both Bitcoin and Ethereum, warning the community of looming bearish conditions for both assets as the chilling effects of the prevailing bear market persists.

His latest take on Bitcoin’s price action conforms to previous predictions, which he appears to have stuck with despite growing market uncertainties. According to him, BTC appears bullish in the short term but bearish when considered in a higher timeframe.

“Low timeframe is bullish. High timeframe is bearish. Last fake pump to 21000-21500, 14k,” il Capo predicted in a recent tweet to his 574k+ followers, attempting to reiterate his general stance on the asset’s price direction.

Low timeframe is bullish. High timeframe is bearish.

Last fake pump to 21000-21500, ?, 14k

— il Capo Of Crypto (@CryptoCapo_) November 2, 2022

The renowned swing trader believes the asset will witness another pump to the territory between $21,000 and $21,500 amidst the latest rally. Notwithstanding, he has warned his followers against relying on this pump, dubbing it “fake,” as he sees a rejection that would crash BTC to $14k – a value last witnessed in November of 2020.

BTC has always faced resistance from the bears upon visiting levels above $21k. For example, the latest rally took the asset close to the zone on October 29, surging above $20,900 before dropping below $20,600. BTC has since then been consolidating between $20,200 and $20,800 for three consecutive days.

Due to the asset’s newly-found correlation with traditional finance and macroeconomic conditions, the upcoming FOMC meeting will likely contribute to Bitcoin’s next direction from this zone, as the markets expect an interest rate hike by 75 basis points. If il Capo’s forecast is anything to go by, the asset could surge above $21k before dropping to $14k in the long term.

In a recent tweet, il Capo reiterated the prediction of a pump above $21k, noting that this would mark the last phase of the distribution. He sees an end to the recent relief rallies in the crypto markets, forecasting a crash to lower lows for BTC and all mainstream altcoins.

Plan for November:

-Pump to 21000-21500 for the last phase of the distribution. ETH to 1700s.
-Altcoins having the last scam pumps as well. People calling for altseason.
-Start of the reversal to new lows.
-Mega nuke after midterm elections. BTC to 14k and ETH to 700-800.

GL!

— il Capo Of Crypto (@CryptoCapo_) November 2, 2022

il Capo believes this historic turnaround will follow the U.S. Midterm Elections slated for November 8, as he dubs the reversal trend a “mega nuke” for BTC and ETH.

Meanwhile, BTC has started shedding the gains it picked up in the latest rally, having plummeted by 2.17% in the past week, as it changes hands at $20,431 at the time of reporting. While on-chain metrics generally remain favorable, sentiments have waned of late.

The BTC Binary CDD metric indicates a downward movement from long-term asset holders, with the Funding Rate showing dominance in long positions. 

Nevertheless, the Fund Market Premium suggests a low buying pressure on BTC funds, including ETFs. Furthermore, as recently reported by The Crypto Basic, Cosmos Asset Management has made the difficult decision of delisting its BTC and ETH spot ETFs in Australia due to the effects of the Crypto Winter and a shortage in investor interest.