Frightening Bitcoin Warning From Analyst Keeping Forecasts: Bull Trap?

Bitcoin (BTC) A crypto analyst, who correctly predicted that it will drop to levels below $30,000, has issued a new warning to crypto investors, saying that the rally in the crypto market is likely a bull trap.

A crypto analyst known in the crypto community by the nickname ‘Crypto Capo’ to 321,000 Twitter subscribers; He said that he still expects big price drops for altcoins and BTC in the short term.

“I am still waiting for the same thing. 40-60% drop in altcoins and 25-30% drop in BTC. After that, I expect a recovery period of 1-3 months. ”

According to Capo, king cryptocurrency, of the S&P 500 (SPX) he was doing lower lows the last time he hit new heights. Then, a of SPX reversal After the (reversal) pattern, we saw more bearish momentum for the leading digital asset. Capo states that SPX is currently at a key resistance level, which could cause a trend reversal once again.

bull trap

“The last time SPX rallied and hit all-time highs, BTC was performing lower highs and we saw that the bearish trend continued when the trend reversed in SPX. SPX is now at a resistance level.”

These bull trap Capo later said he sold his entire portfolio of altcoins except stablecoins before the market crash we saw earlier this month when many digital assets lost a staggering 70-99% of their value. explained.

“During a bull market where we witnessed BTC surge from $10,000 to $69,000, I was fully invested in altcoins. Then I was able to avoid the 70-99% drop in recent weeks by selling all of these altcoins when BTC reached an average of $ 41,500. Currently, I am still waiting to re-enter the market, resting on stable coins.”

The king cryptocurrency, which has increased by more than 20 percent from the last seven-day low of $ 28,448, is trading at $ 31,515 at the time of writing.

You can check the price movements here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.


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