Bitcoin (BTC)Crypto NewsEthereum (ETH)

Top crypto trader warns of unfolding Bitcoin (BTC) bull trap, predicts Ethereum (ETH) to fall over 50%

A popular crypto trader gives a gloomy forecast for Bitcoin (BTC) away Ethereum (ETH) as the top two crypto assets market capitalization delve deeper into the red zone.
Pseudonymous crypto analyst Capo tells his 265,300 followers on Twitter that Bitcoin is in a downtrend and warns that buying BTC when the price appears to be recovering could result in massive losses.

“Yesterday’s pump was fully traced. Bull trap confirmed, and this time it happened under $40,000.

Any bounce is a bull trap when the trend is down.”
Source: CryptoCapo_/Twitter
He cites Bitcoin’s price surge ahead of the Federal Reserve’s announcement of interest rate hikes on Wednesday. Bitcoin has since fallen.

“Typical cop trap before the FOMC.”
Top crypto trader warns of unfolding Bitcoin (BTC) bull trap, predicts Ethereum (ETH) to fall over 50%, Crypto Trading NewsSource: CryptoCapo_/Twitter
At the time of writing this article, the benchmarkcryptocurrency traded at $36,634.90, down 7.88% over the past 24 hours.

Capo also says that Ethereum, which is currently changing hands at $2,750.73 after losing 6.23% of its value in the last 24 hours, could also drop as low as $1,100.

“ETH

Main goal: $1100-1300″
Top crypto trader warns of unfolding Bitcoin (BTC) bull trap, predicts Ethereum (ETH) to fall over 50%, Crypto Trading NewsSource: CryptoCapo_/Twitter
The analyst says that ETH is now in a distribution phase, which could indicate the price direction of the leading smart contract platform.

$ETH

Accumulation or Distribution?

  1. Chart: accumulation occurs after a downtrend and distribution after an uptrend (distribution now more likely)
  2. Graphic: Funding was very positive during reach and supports distribution thesis https://t.co/PyGbNvX2As pic.twitter.com/0SpqCJdzLQ

— il Capo Of Crypto (@CryptoCapo_) May 5, 2022

Capo warns traders to be extra wary of bull traps amid the bear market.

“Again, don’t fall into the trap. You have been warned.”

“Bears chill in stables. But the cops are scared and eventually they will capitulate.”
Check the price action


Source: Crypto News Deutsch

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