A popular crypto trader and analyst with a large following is making a bleak forecast for Bitcoin (BTC) and Ethereum (ETH) as the two biggest crypto assets by market cap plunge into the red zone.
“Bull trap for Bitcoin confirmed”
Cryptocapo, also known as Altcoin Oracle, has 265,300 followers on Twitter, leading crypto Bitcoin (BTC). He says it’s in a bear trend and warns that buying BTC when the price recovers could result in huge losses. You can find the analyst’s accurate predictions in this article of the #1 crypto news site Kriptokoin.com . The analyst makes the following statement for Bitcoin:
Yesterday’s pump was completely withdrawn. The bull trap has been confirmed and this time below $40,000. Every bounce is a bull trap when the trend is bearish.
Source: CryptoCapo / Twitter Analyst talks about Bitcoin’s price volatility before the Federal Reserve announced Wednesday that it is raising interest rates. Bitcoin price has plummeted since then. At the time, the analyst used the following statements:
A typical pre-FOMC bull trap.
Source: CryptoCapo / Twitter At the time of writing, the leading crypto was trading at $35,927, down 2.44% in the last 24 hours, according to CoinMarketCap data. Bitcoin is currently about 48% off its all-time high of $69,000.
Capo’s bottom target for Ethereum $1,110
CryptoCapo is also the leading altcoin currently changing hands at $2,682 after losing 2.40% of its value in the last 24 hours He says Ethereum (ETH) can also drop to $1,100:
The main target in Ethereum (ETH): $1,100-1,300.
Source: CryptoCapo / Twitter The analyst says that ETH is currently in a distribution phase that could indicate the price direction of the leading smart contract platform.
Accumulation or distribution? Chart 1: Accumulation occurs after a downtrend and distribution occurs after an uptrend. Distribution is more likely now. Graph 2: Funding throughout December has been very positive and supports the distribution thesis.
Accumulation or distribution?
1st chart: accumulation happens after a downtrend, and distribution after an uptrend (distribution more likely now)
2nd chart: funding has been very positive during the range, supporting the distribution thesis https://t.co/PyGbNvX2As pic.twitter.com/0SpqCJdzLQ
— il Capo Of Crypto (@CryptoCapo_) May 5, 2022
CryptoCapo warns traders to be especially careful against bull traps in a bear market :
Don’t be trapped once again. You have been warned. The bears are cold in the barns. But the bulls are scared and will surrender at some point.
