A closely-followed crypto analyst who correctly predicted Bitcoin (BTC) drops has come to the fore with his new comments. Crypto Capo called for a “short squeeze”, highlighting two major altcoin projects. Here are the details…
Crypto Capo, who knows about BTC collapses, expects a short squeeze for ADA
Capo, who correctly predicted the collapse of the crypto market in 2022, as we have also reported as Kriptokoin.com, announced his new analysis. Capo is a person who also predicted crypto pullbacks in 2020. He predicts a sudden short squeeze for the biggest Ethereum (ETH) rival Cardano (ADA). Nicknamed analyst Capo, who is known for calling the 2022 crypto market crash, says that a sharp relief rally awaits many crypto assets.
According to the crypto strategist, the rally will likely be fueled by traders betting on the crypto markets to correct in a straight line. The analyst uses the following statements:
Short positions opened late are about to be “rekt”.
A short squeeze happens when traders who borrow units of an asset at a certain price have to buy back as the trade moves against their own bias in hopes of selling lower to pocket the difference. Amid the short-term contraction, Capo predicts a 20 percent rally for Cardano to $0.52 from its current price of $0.43.
He has similar thoughts for Ethereum.
Capo takes a similar view on Ethereum, the leading smart contract platform. According to the analyst, the second cryptocurrency by market cap is looking to rally 23 percent at the $1,800 level. The analyst states that after this, new decreases can be seen. The analyst uses the following statements:
ETH. A short squeeze for $1,800 is still likely. Then new drops.
At the time of writing, Ethereum is changing hands at $1,550, up 8% on the day. Looking at Bitcoin, the popular analyst says that with BTC already hitting the $20,000 level, it is looking at a relief rally to $23,000 before another burst into the next $16,000 range. Capo says too many traders are confident that BTC will break $19,000 for the price to continue in a sustained downtrend. He says an unexpected jam will punish short sellers who are late to the game. The analyst uses the following statements:
Far more people expect $19,000 than those who expect $23,000. The funding says it all. Also, there is plenty of liquidity above $21,000.
5679
