A widely followed Bitcoin (BTC) analyst who predicted the BTC collapse in 2022 sees a potential bear trap in the brush.
Pseudonymous crypto trader Capo says their 547,900 Twitter followers as the US Dollar Index (DXY) and traditional stocks set up for a BTC rebound.
“DXY bounce looks weak and it wants to dump again.
SPX on support.
BTC looks good at $20,500-$21,000.”
The king crypto is down 2.5% in the last 24 hours and is currently trading at $19,555. Still, Capo mean the decline is nothing more than a “bear trap”[ads1]; signaling that a bounce is imminent for BTC.
“Bear trap…Bounces incoming.”
We turn to the lists, Capo says BTC’s low timeframe (LTF) target remains at $21,000.
Same plan. Price is at support and late longs have been liquidated.
The main target for the local top remains $20,500-$21,000.
Bearish confirmation: clean break at $19,000.”
The head too look on BTC sentiment to support his bouncing Bitcoin hypothesis.
“Sentiment is extremely bearish even as price continues to post higher lows on LTF.
Bounce is very likely.”
With the largest crypto by market cap down nearly 3% over the past day, Capo remains says all today’s losses will be recovered.
“Today’s dump is about to be completely reversed.”
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