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Strategist Who Hit 2022 Bitcoin Decline Issues New Warning To Crypto Traders

An analyst who correctly called Bitcoin’s collapse this year is warning BTC holders, saying a capitulation event for the royal crypt is in sight.

The pseudonymous analyst known in the industry as Capo tells his 692,200 Twitter followers that Bitcoin continues to flash signs of weakness.

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

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

Source: Capo/Twitter

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

Boss too says that traders are probably not prepared for the drastic downturn.

“Just read the comments here and you will get another confirmation (the first is the analysis and indicators) that most people are trapped above $17,000 or higher and could not withstand another drop. Like I said before, most people aren’t prepared for what’s coming, and it shows.”

He add that the current trading environment in crypto and the stock market seems to create a “perfect scenario for a proper capitulation.”

“Stock Market Bleeding, Altcoins Breaking Key Supports, Indicators Pointing Down, Bulls Getting Euphoric and Crazy for Little Pumps.”

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

“Clear bearish retest. Downtrend intact.”

Source: Capo/Twitter

Traders are keeping an eye on the performance of the SPX, as a weak index suggests investors remain wary of risk assets such as stocks and crypto.

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

Featured image: Shutterstock/Roman Sakhno

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