The crypto analyst, who correctly predicted that the altcoin market will pull this year, is now updating his predictions for Bitcoin and Ethereum.
Analyst predicting 2022 crash warns altcoin investors
You can check out Capo’s accurate predictions here. The mysterious Twitter analyst says that in his current predictions, Bitcoin (BTC) has brought its previous support to become resistance. Accordingly, the analyst mentions that investors are caught in the bull trap:
A small jump without any bullish signs. So people hit rock bottom. Same story over and over.
The analyst then provides a chart highlighting the difference between the rising Bitcoin chart and the sinking open margin contract interest, while warning of the bull trap. Bull traps lure traders into believing that a long rally has begun. But then the price will soon drop again soon. In this regard, Capo urges his followers to “do not fall into traps”.
Capo supports the bull-trap hypothesis, saying that Bitcoin rose only because investors liquidated their altcoin holdings and eventually invested in BTC to sell for cash. In this regard, the analyst says:
Bull trap. Altcoins then switch to BTC to sell.
This level is like a magnet for bitcoin price
On June 19, the analyst said that “$16,000 is like a strong magnet” for the BTC price. It now offers an update that warns investors not to follow the overnight price increase.
Good morning! Still no reason to buy. We must wait patiently.
At the time Capo spoke, the Bitcoin and altcoin market was on the rise. Bitcoin price quickly recovered from its weekly low of $17,760. It has seen % corrections from the local top around $21,620. It is now trading at $21,416. When it comes to Ethereum, the analyst says that he expects a bottom at $ 750.
The charting guru expects BTC to drop to $16,200 and Ethereum (ETH) to $750
When it comes to leading altcoin Ethereum (ETH), Capo has set a new support level below $800. However, the analyst states that before that, Ethereum will spend time in the target area of $983 to $1,223. Sharing the chart below, Capo highlights the following technical levels:
Reached main target, bounced from there, but no bottom formation yet. As the new support zone that will complete the 5th wave of the 5th wave, the eyes are between 700-800 dollars.
As we reported as Kriptokoin.com, Ethereum was also on the rise today. It has reached $1,170.11 up 3.31% in the last 24 hours.
While both BTC and ETH have rallied, Capo is ending the tweetstorm by sharing his latest predictions for how low each could go. The charting guru is pinning his expectations for a drop to $16,200 for Bitcoin and $750 for Ethereum.
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