A crypto analyst who predicted Bitcoin’s crash below $30,000 is offering a new warning to traders, claiming that today’s market bounce is most likely a bull trap.
Crypto Capo, a pseudonymous analyst with 321,000 Twitter followers, predicts significant price reductions for cryptocurrencies and BTC in the near future.
— il Capo Of Crypto (@CryptoCapo_) May 30, 2022
- “Still expecting the same. 40-60% drop on altcoins, 25-30% on BTC. 1-3 months recovery after that.”
According to Capo, the king crypto was making lower lows the previous time the S&P 500 (SPX) rallied to new highs. Following an SPX reversal, we saw more bearish momentum for the leading digital asset. SPX is currently near a major resistance level, according to Capo, which could cause it to reverse once more.
- “Last time SPX rallied making a new high while BTC was making lower highs, we saw bearish continuation once SPX reversed. Now SPX is at resistance.”
Capo then explains that, save from stablecoins, he sold his entire altcoin holdings before the market crisis earlier this month, which saw several digital assets lose 70-99 percent of their value.
I was all-in alts during the bull run, when BTC went from $10k to $69k, and then sold them all with BTC at $41.5k on average, avoiding a 70-99% drop during these past weeks. Now still in stablecoins waiting to re-enter the market. https://t.co/I68U890kd2
— il Capo Of Crypto (@CryptoCapo_) May 29, 2022
