in early 2022 bitcoin An analyst, who became famous for correctly predicting the collapse of the market, announced that he acted cautiously against the latest rise in the markets.
capo An analyst and trader, known by the pseudonym, on his Twitter account with 450,000 followers, thinks that Bitcoin (BTC) price action moves differently from the rest of the market as it is still largely under the control of sellers, that is, he is completely outside of the cryptocurrency markets.
“What we’re seeing right now in Bitcoin is actually a kind of range. What matters now is reaccumulation or redistribution? The current range is smaller than what has happened before and the accumulations appear larger. The financial situation is still positive. Interest continues to grow and positions are opening up. This greatly increases what we call the cumulative volume delta and shows that the longs are moving very aggressively.
In my opinion, this is clearly a kind of redistribution. While the indicators continue to trend bearish, it remains trapped for a long time in the same institution we’ve seen these months.”
At the time of writing, Bitcoin was trading around $21,800. Although it has lost 1.81% in the last 24 hours, it has gained around 10.65% in the last seven days. Looking at the overall picture, it is trading well below $69,000, the highest level it reached in November.
Capo also suggested that there are “many hidden bearish divergences” visible from a zoomed-in view of the market and that the recent surge may be temporary. Calling the latest price jump a “scam pump,” the analyst continues to believe that Bitcoin will eventually pull back.
You can follow the current price action 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.