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”
cryptocoin.com 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.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.