Trader Who Accurately Called This Year’s Crypto Crash Says Bitcoin Rally Imminent Here’s His Outlook
A widely followed Bitcoin (BTC) analyst who predicted the 2022 BTC collapse is spotting a potential bear trap in the brush.
Pseudonymous crypto trader Capotellstheir 547,900 Twitter followers that the US Dollar Index (DXY) and traditional stocks are setting up for a BTC rebound.
“DXY bounce is looking weak and it wants to dump again.
SPX at support.
BTC looks good for $20,500-$21,000.”
The king crypto is down 2.5% over the last 24 hours, currently going for $19,555. Still, Capobelievesthe slump is nothing more than a “bear trap”signalingthat a bounce is imminent for BTC.
“Bear trap… Bounce incoming.”
Turning to the charts, CaposaysBTC’s low time frame (LTF) target remains at $21,000.
“BTC LTF
Same plan. Price is at support and late longs have been liquidated.
Main target for the local top remains $20,500-$21,000.
Bearish confirmation: clean break of $19,000.”
Capo also looksat BTC sentiment to support his bouncing Bitcoin hypothesis.
“Sentiment is ultra bearish even though price keeps printing higher lows on LTF.
Bounce is very likely.”
With the largest crypto by market cap down by nearly 3% over the last day, Capo stillsaysall of today’s losses will be regained.
“Today’s dump about to be fully reversed.”
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This article was originally reported on The Daily Hodl.
