An analyst who has remained bearish on the crypto after accurately calling the 2022 collapse thinks the markets are set to see much lower prices.
Pseudonymous analyst Capo tells his 81,200 Telegram subscribers that he believes Bitcoin (BTC) and the rest of the crypto markets are about to witness to resumption of the bear market.
But before the next leg down could take place, Capo predicts that Bitcoin, Ethereum (ETH) and some altcoins could undergo one more burst to the upside.
“So the main low time frame idea is:
Pump from here to form a lower high (around $43,000-$44,000 for BTC, and $2,300-$2,400 for ETH). Some altcoins could make new highs.
Then the second wave of the bear market should begin.”
Looking closer at Bitcoin, Capo shares a chart that shows BTC dropping to as long as $38,000.
“Expecting something like this for BTC.”
At time of writing, Bitcoin is trading for $41,114.
Although Capo is bearish on the crypto markets, he tells his 778,100 followers on the social media platform X that he closed all of his shorts and is currently not exposed to crypto.
“I know that these last weeks/months, most people have increased the value of their portfolios and I’m happy about it. For my part, I’m just being faithful to my analysis, always respecting the work of others and dedicating hundreds of hours to make a macro analysis of the whole market while ignoring the noise.
The main idea remains the same. There are people who seem resentful that I’m not exposed to the market, but it’s my decision and I’m good with it. There will always be opportunities.”
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