Cryptocurrency Capo, who is known for his insistence that the decreases in the market will decrease throughout 2022, shared his new forecast. According to the analyst, the recent rally in Bitcoin and crypto assets does not mean anything. New declines will follow very soon.
The analyst, known under the pseudonym Capo, has been bitcoinHe noted that the bearish outlook remains despite the fact that Bitcoin has increased by 21%, Ethereum by 23% and many altcoins by 30%.
According to Capo, Bitcoin is still struggling to break the critical resistance around $21,000-22,000.
“The market jumped more than expected. I agree on this. But is it possible to say that the decline scenario is invalid? Let me tell you why new lows are still possible.
Bitcoin is still testing its biggest resistance. The weekly close is pretty important, but there is still no bullish confirmation…”
Capo, similar resistance Ethereumthinks it is also available on total crypto market cap (TOTAL) and total altcoin market cap (OTHERS) charts. The analyst doubled down on bearish price targets for all instruments, including $600 for ETH.
Analyst Capo recently underlined that the S&P 500 has formed repetitive lows. The analyst thinks that the current quarter will not go well for many companies.
“The downtrend in the traditional markets has not broken down either. SPX continues to form consistently lower highs and the earnings session is expected to be bad.”
Capo’s chart points to a roughly 22% drop in the S&P 500, which closed at 3,999 points on Friday.