A popular crypto trader and analyst with a large following is making a bleak forecast for Bitcoin (BTC) and Ethereum (ETH) as the two biggest crypto assets by market cap plunge into the red zone.
“Bull trap for Bitcoin confirmed”
CryptoCapo, also known as Altcoin Oracle, crypto analyst, alias CryptoCapo, tells his 265,300 followers on Twitter that the leading crypto Bitcoin (BTC) is in a bear trend and the price He warns that buying BTC when it recovers could lead to huge losses. You can find the analyst’s accurate predictions in this article of the number 1 crypto news site Kriptokoin.com. The analyst makes the following statement for Bitcoin:
Yesterday’s pump was completely withdrawn. The bull trap has been confirmed and this time below $40,000. Every bounce is a bull trap when the trend is bearish.
Source: CryptoCapo / Twitter Analyst talks about Bitcoin’s price volatility before the Federal Reserve announced Wednesday that it is raising interest rates. Bitcoin price has plummeted since then. At the time, the analyst used the following statements:
A typical pre-FOMC bull trap.
Source: CryptoCapo / Twitter At the time of writing, the leading crypto was trading at $35,927, down 2.44% in the last 24 hours, according to CoinMarketCap data. Bitcoin is currently about 48% off its all-time high of $69,000.
Capo’s bottom target for Ethereum $1,110
CryptoCapo also saw the top altcoin Ethereum (ETH), which is currently changing hands at $2,682 after losing 2.40% of its value in the last 24 hours. says that it can also fall as low as $1,100:
The main target in Ethereum (ETH): $1,100-1,300.
Source: CryptoCapo / Twitter The analyst says that ETH is currently in a distribution phase that could indicate the price direction of the leading smart contract platform.
Accumulation or distribution? Chart 1: Accumulation occurs after a downtrend and distribution occurs after an uptrend. Distribution is more likely now. Graph 2: Funding throughout December has been very positive and supports the distribution thesis.
CryptoCapo warns traders to be especially careful against bull traps in a bear market :
Don’t be trapped once again. You have been warned. The bears are cold in the barns. But the bulls are scared and will surrender at some point.
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