The strategist, who predicts that Bitcoin (BTC) will drop below $30,000 this year, says that the latest bounce of the Bitcoin and altcoin market will likely be short-lived. Here are the details…
Analyst conveyed his expectations for Bitcoin and altcoin market
Anonymous strategist Capo tells his 434,400 Twitter followers that Bitcoin’s rally to over $22,000 is unconvincing at a time when the US dollar index (DXY) is in the middle of a parabolic rally. DXY is showing signs of strength. In other words, investors are running to the safety of the US dollar. In such a situation, traders often drop on risky assets like crypto.
According to Capo, while altcoins appear poised for 50 percent devaluation, Bitcoin will likely face strong resistance. Analyst says DXY is moving parabolic. He says that after BTC rallied a little, people got excited and aimed for $40,000. However, he states that there is no movement to support such a rise. According to the analyst, BTC is still at the $21,000 and $22,000 resistance levels. Thinking that the rejection level will be strong, the analyst states that altcoins can fall by 40-50 percent.
Bitcoin is trading at $21,639 at the time of writing, up about 15 percent from this month’s low of $18,781. Altcoins that Capo expects to witness steep cuts include Binance Coin (BNB) and XRP. Earlier this week, Capo set a lower target between $125 and $135 for BNB, saying that XRP could fall as low as $0.14. At the time of writing, Binance Coin is changing hands at $242. Meanwhile, XRP is worth $0.34.
Crypto Capo follows these projects
Capo also says that he is closely monitoring the order books of some crypto exchanges to monitor the depth of buy orders for BTC and Ethereum (ETH). According to the crypto strategist, deep pocketed investors are placing fake buy orders to force the BTC and ETH price higher in order to trap the bulls for the next leg. The analyst uses the following statements:
Some other exchanges like Kraken and FTX just fake every bounce to fill the above sell orders. Both in BTC and ETH. This is not an organic rise, but a fake move. A bull trap. When they pull their fake orders, the market goes to new lows.
Meanwhile, the cryptocurrency market continues to rise. BTC has surpassed $22,000. The highest level of the last three weeks has been reached. cryptocoin.com As we have also reported, the overall cryptocurrency market value has exceeded $1 trillion.
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