A widely followed analyst has bearish prospects for Bitcoin, Ethereum and some of the biggest crypto assets by market cap.
The pseudonymous analyst, known as Capo, told his 242,000 Twitter followers that there was no reason for the rise and stated that he expected Bitcoin to crash in April.
$BTC pic.twitter.com/Lbyqqj2Hk2
— il Capo Of Crypto (@CryptoCapo_) March 24, 2022
Capo expects BTC to drop from a large symmetrical triangle pattern formed on the 12-hour time frame and reach a target price of $21,000 to $23,000.
Using Elliott Wave theory for his analysis, the trader thinks that Bitcoin’s main resistance level is between $45,000 and $46,000.
Next up is Ethereum (ETH). The trader said he has set a buy target of $1,100 to $1,300 for ETH if it loses the support around $2,000.
“ETH mid range acts as resistance after divergence above high range and pivot (level) is completely broken.
Break of the lower range = $1,100 – $1,300.
Drop.”
Next up is the stablecoin protocol Terra (LUNA). Capo says he’s aiming for a purchase price of $40 to $45. The analyst added that the bearish thesis will be invalidated if Terra breaks above the all-time high of $104.
The next coin is the smart contract platform Fantom (FTM). Capo said he expects FTM to decline based on the fact that the bullish market structure is no longer afloat and Phantom has had a short-lived recovery recently.
“FTM
-Bull market structure is broken and now retests pivot as resistance
-New lower high
– Upward corrective action (dead cat bounce)I’m still expecting $0.60 over the next few weeks.”
Another cryptocurrency on Capo’s radar is Cardano (ADA). The crypto strategist said that he will change his stance on Cardano to bullish once ADA drops to $0.15.
“Rising from $0.15 in ADA. Drop at $2.58 on ADA. And this is not financial advice.”
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.