Source: dailyhodl.com
A popular crypto analyst who accurately predicted Bitcoin’s (BTC) crash in May 2022 is forecasting what’s next for BTC and the crypto markets.
Pseudonymous crypto trader Capo details to his 676,000 Twitter followers what could happen to the crypto markets during both higher and lower time frames.
The higher time frame includes one-hour to one-day charts while the lower time frame includes one-minute to 15-minute charts. Looking at BTC’s chart, Capo says that he expects a bull trap during the lower time frame and lower lows and lower highs during the higher time frame.
He notes that he expects the king crypto to form a local bottom at the $12,000 to $14,000 price range.
“BTC. Higher time frame: lower lows and lower highs after breaking a monthly redistribution range. Below June’s low and at [the] supply zone. Lower time frame: weak trend caused by a short squeeze (bull trap). Volume dying. $12,000-$14,000 remains the main target for a local bottom formation.”
According to Capo, the crypto industry is rife with bearish signals, causing him to think that altcoins could follow BTC’s downward trend and dip 40% to 50%.
“What I see:
-Bearish retests everywhere.
-Hidden bearish divergences on several timeframes.
-Bounces showing clear bull trap characteristics.
-Supply coming in (a lot)
-People euphoric with prices at $16,000s… $12,000-$14,000 [for BTC] is a matter of time.
40-50% drop on average for altcoins.”
Another prominent crypto strategist, Michaël van de Poppe, is also predicting that the king crypto will face resistance in the near future, saying that he believes BTC must hold the $16,250 to $16,400 level to flourish.
“Bitcoin [is] still facing crucial resistance, which it can’t crack yet. Slight consolidation taking place. Another test at $16,900 and most likely acceleration happens with all the stops going to be taken.
Aiming for $18,4000 then.
Must-hold; $16,250-$16,400.”
BTC is changing hands for $16,611 at time of writing, a 1.7% increase during the last day.
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