Crypto Capo, a cryptocurrency analyst, expects Bitcoin (BTC) price to drop below $30,000. He also warns investors that we are currently experiencing a bull trap. Here are the details…
Bitcoin comment from Crypto Capo: Bull trap! As
Kriptokoin.com , Crypto Capo, whose predictions about crypto money projects were correct, said that following him on Twitter, big price drops for altcoins and BTC in the short term.
I’m still waiting for the same thing: 40 percent and 60 percent drop in altcoins, 25 percent and 30 percent drop in Bitcoin (BTC). After the fall, recovery will be seen for 1-3 months.
— il Capo Of Crypto (@CryptoCapo_) May 30, 2022
According to Capo, the S&P 500 (SPX) is the latest new when it hit highs, the biggest cryptocurrency was seeing lower lows. Next, we saw more bearish momentum for the cryptocurrency following an SPX reversal. Capo states that SPX is currently at a key resistance level, which could cause a reversal once again. The analyst says, “We see a trend reversal in SPX and a continuation of a bearish trend again in BTC when SPX makes a new high while BTC is making lower highs.” Now he points out that SPX is in resistance.
Capo sold all his altcoins
Bitcoin, the largest cryptocurrency with its market value (BTC) is changing hands at $31,810, up 3.7 percent at the time of writing. In the last seven days, it seems to have increased by 9 percent. Meanwhile, Capo later revealed that he sold his entire portfolio of altcoins other than stablecoins before the market crash that saw many cryptocurrencies lose an astonishing 70-99% of their value earlier this month:
BTC’ During the bull run, where the coin fell from $10,000 to $69,000, I was totally into altcoins. Then, when BTC averaged $41,500, I sold them all and avoided the 70-99 percent drop seen in the past few weeks. Now I’m still holding my stablecoins, waiting to re-enter the market.
