In particular, a Bitcoin (BTC) analyst who correctly predicts collapses does not favor the downward trend in the current situation. Therefore, it draws attention to the possibility of short squeeze. Here are the details…
Capo Crypto bullish for Bitcoin
Crypto Capo tells his 550,600 followers that they are in a bullish trend in Bitcoin in the near future. Right now, he thinks “it’s not the time to go into decline”. Capo sees similarities in the current price behavior of the market to that of 2018, the last major bear market. Bitcoin is currently up 4% in the last 24 hours. The coin has seen a rapid rise in the last 24 hours. Capo also pointed to this sudden price increase. It points to an event in BTC that causes short sellers (short positions) to buy more to avoid further losses. He predicts an imminent short squeeze that happens when this happens.
Capo also makes a possible estimate of $21,000. He says he expected the leap to actually come sooner. However, SPX is rising and DXY (US Dollar Index) is falling. Due to these factors, the analyst said, “BTC is still in support. This could be a big bear trap,” he says. He states that $21,000 is still on the cards.
Analyst’s previous predictions
As we reported as Kriptokoin.com, the analyst had previously correctly predicted the movement of many cryptocurrencies. Capo became a prominent analyst, especially with his knowledge of the dips. To give an example of the most critical levels predicted by the analyst, we can talk about the drop to $ 50,000 seen last year. Also, Capo correctly predicted the drop to $3,500 in BTC in 2020. His most recent prediction was for BTC to return to $16,000 last month. Cryptocurrency fell to $ 17,000.
The latest situation in BTC price
The primary cryptocurrency has been sitting quietly in a narrow range of $19,000 to $20,000 for several days in a row. However, there were expectations that this trend would change after the US announced the latest CPI figures yesterday. The data showed that annual inflation rose to 8.2 percent. BTC has indeed reacted with volatile price movements. Within minutes, the cryptocurrency broke below $18,200 as a new local low.
Hours later, however, it attacked and skyrocketed to almost $2,000. Thus, it touched $20,000 for the first time in a week. However, the bears stopped this move and pushed the asset down once again. As of now, Bitcoin is once again hovering around $19,500. Its market capitalization returned to $375 billion. Also, its dominance over altcoins is over 40 percent for the first time in weeks.
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