According to a popular Twitter analyst, the double-digit rise of the Bitcoin and altcoin market could be a trap. The analyst, who correctly predicted that there would be a correction to the $ 30 thousand region in the last rise of Bitcoin to $ 40 thousand, this time determined the bottom level of $ 1,000 in Ethereum. We take a look at Capo’s recent technical analysis, keeping in mind that forecasts are not exact.
Capo marks $20,000 in Bitcoin price
In the face of global market uncertainty, Capo predicts that Bitcoin (BTC) and Ethereum (ETH) will continue to decline. In recent Twitter posts, the analyst advises investors not to buy this drop too soon, claiming that the two largest cryptocurrencies by market cap could lose half of their current value. According to Capo, Bitcoin, which is currently trading at $ 38,359, could fall as low as $ 20,000. Looking at the technical chart below, the analyst says:
Prices are lowered and supply is added. If you buy too soon, you may regret it. For twenty thousand dollars I’ll keep my fingers ready.
According to the expert, the price of leading smart contract platform Ethereum could drop as low as $1,100. ETH is currently trading around $2,700.
The analyst also shares his pessimism about the rest of the altcoin market, claiming that technical analysis shows prices will continue to drop:
they are even lowering than BTC. There are still many potential bearish possibilities, according to all charts. Be careful.
Ethereum (ETH), Terra (LUNA) and Solana (SOL) have posted double-digit gains in the last 24 hours. Capo warns that the bounce could be a trap:
In cryptocurrencies, this recovery is another three-wave action (uptrend). Buying here is a gamble.
There are also analysts waiting for a rise
Justin Bennett, whose analysis we shared as Kriptokoin.com, said that the current levels could be the bottom by looking at the RSI data of Bitcoin. Bitcoin’s relative strength index (RSI), a statistic that analyzes the candlestick swing of the leading crypto over 14 periods, is poised to bounce from levels previously visited in September, according to the analyst.
At the time of writing, BTC has risen 8% in the last 24 hours, reaching over $39,000. Panic selling around the Russia-Ukraine conflict seems to have left the cryptocurrency market for the moment.
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