A spring breeze blew in the middle of winter in the cryptocurrency market. The leading crypto Bitcoin and the leading altcoin Ethereum, which took the wind behind them, managed to break their psychological resistance. An analyst predicting the 2022 crypto crash in this environment has updated the outlook for Bitcoin and Ethereum as volatility spikes.
Is the Bitcoin rally the start of a correction?
The winter rally that started yesterday continued today. The leading cryptocurrency Bitcoin (BTC) got rid of the $ 19 thousand hook and came to the limits of $ 21. Leading altcoin Ethereum (ETH) managed to rise above $ 1,500 with a rapid movement.
However, analyst nicknamed Crypto Capo, who accurately predicted this year’s crypto crash, takes a different look at the latest rally. The analyst warns that the current market bounce will eventually turn into a deadly fraud. For the analyst’s accurate predictions cryptocoin.comSee this article. Crypto Capo says that this week’s big wave of short liquidations will be the start of a correction for a new drop for crypto markets. Based on this, Capo makes the following statement:
We’ve seen the biggest auctions for BTC in recent months. We’ve proven that this move is a short squeeze and that most people take a downward position. That’s why all the hate I’ve been getting lately. Now it’s time for the longs to fall into the trap.
“SPX correlated with BTC is ready for correction”
Many traders take the current strength in the crypto and equity markets as a sign of a new bull run. The analyst suggests that a BTC rally to around $21,000 will occur before prices reverse and crash again. In this context, he notes:
BTC and SPX hit the main targets. What will happen now? I expect a low timeframe distribution at these levels for BTC and ETH. Some shitcoins are likely to see scam pumps during this time. Then comes the big (hammer).
Meanwhile, analysts say the US stock market has had a strong correlation with BTC lately. Accordingly, Crypto Capo says the S&P 500 (SPX) is ready to correct again after what it sees as a bear market rally. The analyst predicts that a roughly 20% correction in the stock index will drop to $3,180. In this regard, he uses the following expression:
The target has been reached.
At press time, Bitcoin is trading at $20,747, up 2.5% on a daily basis. Leading altcoin Ethereum, on the other hand, is changing hands at $1,560 with daily gains of 4.67%.
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