An analyst famous for knowing about Bitcoin crashes continues the bearish trend in the market despite the rallies from the lows. Also, the analyst warns investors about Bitcoin and the crypto market.
Famous Bitcoin bear: This is a ‘bull trap’
The analyst, nicknamed Crypto Capo, still expects market lows for Bitcoin and altcoins. In this direction, the analyst says that the bear market is not over yet. He also suggests that BTC’s rally from $15,700 to $30,000 is now nothing but a retracement that has ended. The analyst with accurate predictions also talks about meme-coins becoming parabolic. The analyst says this trend in meme-coins is a clear sign of a local top in the crypto markets. In this context, the analyst makes the following statement:
The move from the bottom of December 2022 is nothing more than a correction. It is also possible to describe this movement as an internal pullback, bear market rally, B/X wave, bull trap… Some may not agree that this is not a bull trap. However, if ideal conditions are created for the majority of investors to buy and be emotionally occupied with their bags, and if bullish sentiment is created with high expectations, if prices make new lows, it is clearly a bull trap. In fact, this will be the biggest trap of all.
According to the analyst, the sole purpose of this move is to get everyone on the rise. However, the analyst is confident that he will not fall into this trap. For this, it wants to sell at higher prices and have exit liquidity again. From here it continues as follows:
Many altcoins have already retracted a large part of this move. Some are already standing below 2022 lows. Others are at major supports or retesting them as resistance.
“ We are about to witness a major capitulation event!”
The master analyst warns that a massive move to the downside is imminent. He says that Bitcoin is probably on its way to reach $12,000. He also predicts that Ethereum (ETH) will likely fall by over 70% from its current price levels. He explains his predictions in this regard as follows:
I think we are about to witness a major capitulation event. There are both technical and fundamental reasons for this. The main target for BTC remains $12,000. We do not ignore the following suppositories. But the high time frame close will likely be around this level. It is possible for ETH to drop to $500-700. Altcoins will drop 60%-80% on average. Some even more… Therefore, the most logical thing is to stay away from the market. It also makes sense to take short positions on altcoins that may fall more than average. However, since these are medium-term positions, there should be very low leverage. Moreover, ignore any noise that might distract you from the main plan.
It is worth noting, meanwhile, that Capo correctly knew about the crypto crash of late 2022. However, it should be reminded that new lows are expected a few months ago. For successful predictions of Crypto Capo cryptocoin.comCheck out this article.
