The post Bitcoin Bull Trap: BTC Price To Hit News Lows in Coming Months Warns Analyst appeared first on Coinpedia Fintech News
Popular and pseudonymous cryptocurrency analyst il Capo of Crypto (Twitter: @cryptocapo) believes an imminent capitulation is awaiting the industry despite the recent Bitcoin rally above $21k. Addressing his 705.6k Twitter followers, the analyst highlighted several scenarios for top crypto assets. Generally, the analyst indicated that the base consolidation in the past few months is weak to guarantee a strong parabolic crypto move.
As such, a crypto market correction below the previous lows is imminent according to the analyst.
“Bitcoin is in a ltf parabolic move. But there’s a problem for bulls. This move is already overextended. The base of the parabola was weak, and when this ltf trend breaks it often results in sharp declines and full reversals,” the analyst indicated.
In conclusion, the analyst indicated now may be a good time for short-term traders
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