Bitcoin (BTC) The popular crypto analyst who caught his crash in 2022 says the current market rally is likely a bull trap.
il Capo Awaits Bitcoin Correction
The analyst, known in the industry as Capo, tells his 698,800 Twitter followers that he expects a market correction even as Bitcoin surpasses $17,000.
Many altcoins have also experienced a recent increase in value. However, Capo warned that Bitcoin has rallied towards a resistance level just below $20,000 and is likely preparing for another drop, perhaps to around $12,000, more than 30% from its price at the time of writing:
“Make the graph smaller. Ask yourself: Why am I buying from here? Is it because of FOMO (fear of missed opportunity)? As it has been since the beginning of the downtrend, you see random altcoins pumping randomly and you feel the need to buy. You might think this might be the bottom. However, there is no single confirmation of the uptrend yet.
Just look. There it is, right before your eyes. The bear trend is intact. Bitcoin and most of the market are testing broken supports as resistance. We’ve seen this many times. I’m not buying.”
Zoom out.
Ask yourself: why am I buying here? Is it because of FOMO? You are seeing random altcoins having random pumps, same as have been happening since the start of the downtrend, and you feel the need to buy. You could think this might be the bottom. pic.twitter.com/HjcZzVG0GI
— il Capo Of Crypto (@CryptoCapo_) January 9, 2023
While Capo is bearish, fellow crypto strategist Kaleo says the market rally has just begun.
Focusing on Ethereum (ETH), Kaleo states that Ethereum, which he says is the best smart contract platform, is heading towards $1,400.
*Not investment advice.
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