Altcoin Oracle: Expect these levels in Ethereum and BTC!
The crypto analyst who correctly predicted that the altcoin market would drag this year is now updating his predictions for Bitcoin and Ethereum.
Analyst predicting a 2022 crash warns altcoin investors
You can check Capo’s exact predictions here. The mysterious Twitter analyst says Bitcoin (BTC) has turned its former support into resistance in his latest predictions. Accordingly, the analyst mentions that investors are caught in the bull trap:
A small bounce with no bullish signs. So people have hit rock bottom. The same story over and over again.
The analyst then provides a chart highlighting the difference between the rising bitcoin chart and the falling interest rates of the open margin contract while warning of the bull trap. Bull traps lure traders into believing that a long rally has begun. But then the price will soon fall again. In this context, Capo urges his followers “not to fall into traps”.
Supporting the bull-trap hypothesis, Capo says Bitcoin only went up because investors liquidated their altcoin holdings and eventually invested in BTC to sell for cash. The analyst says:
bull trap. Altcoins then switch to BTC for sale.
This level is like a magnet for bitcoin price
On June 19, the analyst said that “$16,000 is like a powerful magnet” for BTC price. It is now offering an update warning investors not to follow overnight price increases.
Good morning! Still no reason to buy. We must wait patiently.
As Capo spoke, the bitcoin and altcoin market was on the rise. Bitcoin price quickly recovered from its weekly low of $17,760. It has seen percentage corrections from the local top around $21,620. It is now trading at $21,416. Regarding Ethereum, the analyst says he expects a bottom at $750.
The charting guru expects BTC to fall to $16,200 and Ethereum (ETH) to $750
When it comes to the leading altcoin Ethereum (ETH), Capo has set a new support level below $800. However, the analyst states that Ethereum will spend time in the $983-$1,223 target range before that. Capo shares the chart below and highlights the following technical levels:
Main objective reached, bounced off, but no bottoming out yet. As a new support zone that will complete the 5th wave of the 5th wave, the eyes are between $700-800.
cryptocoin.com As we reported, Ethereum was also on the rise today. It reached $1,170.11 and is up 3.31% in the last 24 hours.
While both BTC and ETH have rallied, Capo ends the tweetstorm by sharing his latest predictions on how low both could go down. The charting guru is keeping his expectations for a drop to $16,200 for Bitcoin and $750 for Ethereum.