The Biggest Bull Trap! –

The analyst, who correctly predicted last year’s epic Bitcoin (BTC) meltdown, issued a warning saying that the current rally will not end well for crypto bulls. Here are the details…

Analyst Capo calls Bitcoin a “bull trap” As we have also reported, Crypto Capo, known for knowing the Bitcoin crashes in 2022, shared his comments about the rise in the crypto markets to his 710,100 Twitter followers. The analyst says he doesn’t think real and organic demand is responsible for the current strength. The analyst explained that he was only checking the charts, avoiding the “noise” on Twitter. In this direction, he pointed to the way the bullish movement took place, the way the resistances were tested in the large time frame.

There is “no real demand,” according to the analyst, who explained that these looked “clearly manipulated.” Therefore, Capo considers the latest uptrend to be a bull trap. “But they won’t trap me,” he adds. Capo reiterated his bearish stance when a fellow trader noted that stablecoins were minted as Bitcoin rose from $18,000 to show real demand. “The longer an artificial pump is, the bigger and more aggressive the drop will be,” he said. Last week, Capo said that Bitcoin is in the process of testing a major resistance around $21,000.

“Time to withdraw” on BTC

He explained that BTC is testing great resistance, especially in the large time frame, and emphasized that the weekly close will be important. Still, he stated that there is no bullish confirmation yet. At the time of writing, Bitcoin is trading well above $23,000, well above the trader’s key resistance zone. Meanwhile, another analyst points to a short-term bearish bias for Bitcoin. Correctly predicting BTC’s 2018 bottom, crypto strategist Smart Contracter believes it’s time for a pullback after Bitcoin rallied around 38 percent this month. The analyst uses the following statements:

I think it is due to a multi-week fourth wave retracement of BTC. All the lower waves in this wave three seem complete, so it’s definitely time to start taking profits. It wants to reload in the $21,000 range.

Smart Contracter applies Elliott Wave theory, an advanced technical analysis approach that tries to predict future price action by following crowd psychology, which tends to manifest in waves. According to the theory, a bullish asset rises during the first, third and fifth waves, and corrects during the second and fourth waves.

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