The strategist who nailed Bitcoin’s 2022 crash is issuing a new warning to crypto traders

The analyst who correctly called the collapse of Bitcoin this year is warning BTC holders, saying the capitulation of the cryptocurrency king is on the horizon.

A pseudonymous analyst known in the industry as Kapo tells his 692,200 Twitter followers that Bitcoin continues to show signs of weakness.

While Bitcoin bulls have managed to ignite a rally from the current bear market lows of around $15,700, Capo says the recent bounce is significantly smaller compared to BTC’s previous surges since June.

“Each jump is smaller. Lower lows and lower highs. Support becomes resistance. $12,000 is like a magnet.”

The painting
Source: Capo/Twitter

At the time of writing, Bitcoin is changing hands at $16,840. A move to Capo’s $12,000 target indicates a decline of over 28% for the royal crypto.

Capo too says that traders are probably not ready for a drastic drop.

“Just read the comments here and you’ll get another confirmation (the first is analysis and indicators) that most people are trapped above $17,000 or more and can’t hold on any longer.” Like I said before, most people aren’t ready for what’s coming and it shows.”

He adds that the current cryptocurrency and stock market trading environment appears to create “the perfect scenario for a proper capitulation.”

“Stock market crash, altcoins breaking key support, indicators pointing down, bulls getting euphoric and confident for small pumps.”

Looking at the stock market, Capo says the S&P 500 (SPX) remains in a downtrend after respecting its diagonal resistance.

“A clear retest of the bears.” Downtrend intact.”

The painting
Source: Capo/Twitter

Traders are keeping an eye on the performance of the SPX as the weak index suggests investors remain cautious about risk assets like stocks and cryptocurrencies.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox

Check out the price action

Follow us on TwitterFacebook and Telegram

Surf The Daily Hoddle Mix

Check the latest news


Disclaimer: The opinions expressed in The Daily Hoddle are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and trades are at your own risk and any losses you may incur are your responsibility. The Daily Hoddle does not recommend the purchase or sale of any cryptocurrency or digital asset, nor is The Daily Hoddle an investment advisor. Please note that The Daily Hoddle participates in affiliate marketing.

Featured Image: Shutterstock/Roman Sakhno

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button