A crypto trader known for predicting Bitcoin (BTC) bottoms warns traders are in the midst of another bull trap.
Pseudonymous crypto analyst Capo tells his 462,400 Twitter followers that BTC bulls are about to get caught in a major trap.
“This is one of the biggest bull traps of the year, but you won’t see it until it’s too late.”
Capo references a tweet thread from April 2022 in support of his argument. According to Capo, he manages to correctly call BTC bottoms time and time again, even when it means going against popular opinion.
“Same thing happening now. Worth a read…
Good luck and stay safe.”
In the April tweet storm, Capo points out his correct capitulation calls over the years, implying that his reasoning backs up his current predictions. He begins in 2018.
“It’s the same story over and over again.
2018:
Called for $3,000-4,000 BTC when price was $7,500. It ranged between $6,000 and $9,500 for 7 months and then reached the final target.
I had very few followers then and you could already see the hate.”
The trader claims he made the same correct calls in 2019 and 2020.
“2019-2020:
Called for $7000-$7300, $6000-$6200 and $4400-$4800 as final target.
Price started to reach those targets and after some months, it also reached the final target, being the absolute bottom again.
I got a lot of hate back then.”
Piling the evidence on, the pseudonymous trader also says he correctly called the bottom in 2021.
“2021:
I was calling bottom and continuation of the bull run at $30,000-$35,000. Most comments expecting lower ($20,000 or even $10,000), and mocking too.
Price ranged between those levels for some weeks and then the bullish run continued until $69,000.”
The trader concludes that the markets will always give traders opportunities, signing off with his followers until further bearish notice.
“See? There were opportunities in between because market always gives you opportunities.
If you are catching every bottom, every bounce, congratulations. I focus on bigger opportunities, different timeframe, and I don’t care about ‘missing’ bounces…
I will not post anymore here until the bearish scenario is confirmed or invalidated. Good luck and stay safe.”
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The post Crypto Analyst Who Called Bitcoin (BTC) Backslide Warns of Big Bull Trap – Here’s Why appeared first on The Daily Hodl.
source https://dailyhodl.com/2022/07/29/crypto-analyst-who-called-bitcoin-btc-backslide-warns-of-big-bull-trap-heres-why/