Following a solid week, Bitcoin continues to lead other cryptocurrencies on a bullish attack into the weekend. Bitcoin’s daily candle closed at $44,340 on Friday, after briefly touching $45,000 on Saturday.
The price has been on a bullish trajectory since Monday last week, with only a slight correction last weekend after the price reached $42,000.
Ethereum, on the other hand, has been on the rise as well. Since March 14, Ethereum has increased by 24 percent, compared to bitcoin’s 18 percent increase.
Is this a fake out by Bitcoin?
Bitcoin, Ethereum, and other of the largest crypto assets by market cap have a grim short-term outlook, according to an analyst. The analyst, who goes by the name Capo, says that there’s no reason to be bullish, and that Bitcoin will crash in April.
The trader, who bases his analysis on Elliott Wave theory, places Bitcoin’s key resistance barrier between $45,000 and $46,000. In the 12-hour timeframe, Capo predicts BTC to fall through a massive symmetrical triangle pattern, reaching a target price of $21,000 to $23,000.
Then there’s Ethereum. Should ETH shatter support around $2,000, the trader believes he will set a purchase objective of between $1,100 and $1,300.
“ETH Mid-range acting as resistance after deviation above range high and pivot completely broken. Break of the range low = $1,100 – $1,300.Bearish.”
Terra, a stablecoin protocol, comes next (LUNA). Capo says he’s looking for a buy price of $40 to $45. If Terra moved above the all-time high of slightly under $104, then the analyst’s negative thesis would be rejected, according to him.
Fantom, a smart contract blockchain, is coming next (FTM). FTM is expected to tumble, according to Capo, because its bullish market structure is no longer valid and Fantom recently saw a brief comeback.
Cardano is another coin on Capo’s radar (ADA). When Cardano falls to $0.15, the crypto expert thinks he’ll switch his current opinion.
“Bullish on ADA from $0.15. Bearish on ADA from $2.58. And this is not financial advice.”