Analyst Who Called 2022 Bitcoin Collapse Flips Bullish on BTC But Theres a Catch

A popular crypto analyst who was bearish on Bitcoin for most of 2022 reveals BTC’s potential silver lining.

Pseudonym Trader’s Capo To tell His 492,100 Twitter followers are optimistic about BTC until it regains the $23,000 resistance level, with trader activity after Bitcoin’s recent drop towards $20,000 meaning a short squeeze is possible. is.

A short squeeze is when a trader who borrows a unit of an asset at a particular price and expects to sell it lower (short) to pocket the difference is forced to buy back when the trade moves against the bias. It occurs when

Many or shorts aping at support here after making lows. Short squeezes are still likely. I am bullish in the short term between $23,000 and $23,500. “

The analyst will next follow up on the Aug. 24 post. reconfirm His belief is that the top cryptocurrency will likely return to $16,000 by mid-September after bitcoin climbs toward $23,500.

“Despite the choppy range, the same idea.

$23,000 to $23,500 to new lows.

At the time of writing, Bitcoin has fallen like most other markets following the announcement that the Federal Reserve has no intention of lowering interest rates on Friday.

BTC fell nearly 6% on the day and is trading at $20,341.

Capo has also been following Cardano, a scalable blockchain platform, closely for a week. update His followers say he sees ADA rallying alongside Bitcoin in the short term before heading to lower levels.

Stop loss triggered at breakeven. Re-entry from low.

Too good risk/return, consistent with BTC analysis. “

Cardano’s current price is $0.43, below Capo’s diagonal support but still within his risk parameters.

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Featured Image: Shutterstock/Anton Chernigovskii