An expert who accurately predicted the 2022 cryptocurrency market crash is now cautioning that Bitcoin (BTC) and Solana (SOL) are likely to hit new lows this year.
Regarding Bitcoin, a trader known as Capo is informing his 121,564 followers on Telegram that he expects BTC to initially surge to around $100,000 to set up a bear trap.
A bear trap is a deceptive signal that tricks traders into believing an asset is bullish before quickly reversing course and dropping in price.
Capo anticipates that this surge will lead to a significant downturn for BTC, with a downside target of approximately $63,000.
“BTC strategy.”
Capo also maintains that the bear trap scenario is still plausible despite BTC breaking below immediate support levels.
“Although BTC has dropped below $84,000, signaling a bearish trend in the short term, I still view this as a bear trap. Based on various indicators and the correlation with altcoins maintaining higher lows above significant support levels, I remain optimistic.
That being said, a strong reclaim of $84,000 (preferably $85,000) is crucial to confirm bullish momentum.”
A bear trap is a deceptive signal that tricks traders into believing an asset is bearish before suddenly reversing direction and rising in value.
Currently, Bitcoin is trading at $82,936.
Shifting focus to Solana, Capo predicts that SOL will experience a significant upward movement before dropping to his target of $100.
“SOL appears poised for a bullish move towards $180-$200.”
Currently, SOL is valued at $125.
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