A pseudonymous crypto analyst, who first predicted the 2022 Bitcoin BTC/USD collapse, recently stated that the “bearish trend is still intact.” even amid the bullish rally that made apex crypto reach the $17,000-mark.
What Happened: ‘Capo of Crypto’ told his 699,000 followers on Twitter that some altcoins have been experiencing random pumps, creating the illusion that this was the bottom of the market.
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Zoom out.
— il Capo Of Crypto (@CryptoCapo_) January 9, 2023
Ask yourself: why am I buying here? Is it because of FOMO? You are seeing random altcoins having random pumps, same as have been happening since the start of the downtrend, and you feel the need to buy. You could think this might be the bottom. pic.twitter.com/HjcZzVG0GI
The analyst adds, “However, there's not a single bullish confirmation yet.”
Capo noted that the bottom is still there and visible, despite the bearish trend remaining intact. Bitcoin and most of the other cryptocurrencies are finding it difficult to break through the levels of support that were once broken, now serving as resistance.
“We have seen this over and over. I'm not buying,” the analyst added.
Last week, Capo predicted that Bitcoin will soon reach the $12,000-level. The analyst said the price of Bitcoin fluctuates between $16,600 and 16,800 but will eventually come to the $12,000-mark.
Price Action: Bitcoin was trading at $17,205. up 0.02%. in the last 24 hours, according to Benzinga Pro data.
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