The well-known cryptocurrency analyst who accurately predicted the May 2022 Bitcoin (BTC) crash predicts the future of BTC and the cryptocurrency market.
Pseudonymous crypto trader Capo detail Explaining to his 676,000 Twitter followers what happens to the crypto markets on both higher and lower timeframes.
Higher timeframes include 1-hour to 1-day charts, and lower timeframes include 1-minute to 15-minute charts. Looking at BTC’s charts, Capo expects a bull trap to occur on the lower timeframes and lower lows and highs on the higher timeframes.
He said he expects Kingcrypt to form a local bottom in the $12,000 to $14,000 price range.
Bitcoin. Higher Timeframe: Lower Lows, Lower Highs After Breaking Monthly Redistribution Range. Below June Lows, [the] supply zone. Lower timeframes: Weak trends caused by short squeezes (bull traps). Volume climax. $12,000-14,000 is the main target for the local bottom formation. “
According to Capo, the crypto industry is rampant It made him think that altcoins could follow BTC’s downtrend and drop by 40% to 50%.
“What I see:
-bears retest everywhere.
– Hidden bearish divergence on some timeframes.
– Bounce that exhibits a distinct bull trap characteristic.
– Supply coming in (a lot)
-People get euphoric at the price of $16,000$12,000 to $14,000 [for BTC] It’s just a matter of time.
The average altcoin drop is 40-50%. ”
Another prominent cryptocurrency strategist, Michael van de Poppe Predict He said he believes BTC needs to sustain levels between $16,250 and $16,400 for it to thrive, and that the King’s crypto will face resistance in the near future.
“Bitcoin [is] We are still facing serious resistance that we cannot yet break. A slight consolidation has been done. Another test at $16,900 will most likely cause acceleration with all stops taken.
Aim for 18,400 yen.
Must see. $16,250-$16,400.
BTC is trading at $16,611 at the time of writing, up 1.7% on the last day.
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