Analyst Who Called Bitcoin and Crypto Meltdown Says There Will Be No Mercy for Traders Turning Euphoric

Strategists who predicted Bitcoin (BTC) to fall below $ 30,000 this year say the latest bounces in the crypto market are likely to be short-lived.

Pseudonym crypto strategist Capo To tell His 434,400 Twitter followers, who experienced Bitcoin’s surge above $ 22,000 while the US Dollar Index (DXY) was in the midst of a parabolic rally, are unconvinced.

Traders are often bearish on crypto-like risk-on assets whenever the DXY shows signs of strength, as it indicates that investors are flying towards the security of the US dollar.

According to Capo, Bitcoin can encounter strong resistance, but Altcoin seems ready for a 50% devaluation.

“DXY will be parabolic. Bitcoin has risen a bit, people are euphoric and demanding $ 40,000. There is no bullish sign to support this rise, and prices are still between $ 21,000 and $ 22,000 (” Resistance).

Rejection becomes stronger. Altcoins can drop by 45-50%. There is no mercy. “

Bitcoin was trading at $ 21,639 at the time of writing, up about 15% from this month’s low of $ 18,781.

The altcoins that Capo expects to witness a sharp haircut include Binance Coin (BNB) and XRP.Capo earlier this week setting BNB’s bottom goal between $ 125 and $ 135 Said XRP could drop to $ 0.14.

At the time of writing this, Binance Coin is exchanging hands for $ 242. XRP, on the other hand, is valued at $ 0.34.

Capo too To tell He carefully monitors several crypto exchange purchase orders to track the depth of BTC and Ethereum (ETH) purchase orders. According to crypto strategists, well-financed investors are placing spoofing buy orders to raise BTC and ETH prices in order to catch the bulls for the next leg.

“Other exchanges like Kraken and FTX are spoofing all bounces just to meet the sell orders above. Both BTC and ETH. It’s a fake move, not an organic rise. . Bull trap.

The market goes to new lows when they withdraw spoofed orders. They just pulled them. “

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Featured images: Shutterstock / sakkmesterke / Andy Chipus