The post Bitcoin, Ethereum Sparks High! Yet This May Not be the End of a Bearish Trend! appeared first on Coinpedia Fintech News
With a slight ease in the market conditions, Bitcoin price raised significantly marking new highs. Besides, the altcoins are also following the popular crypto and managed to surge to some extent. While, the market participants believe this could be the resurgence of a bullish trend, the fear of a bull trap emerges.
A well-known analyst, il Capo of Crypto still believes that the crypto markets are prone to get ‘hammered’ as it reaches some specific targets. The analyst had earlier predicted correctly the recent crash when the BTC price dropped after reaching the crucial resistance at $21,800. He says that the crypto space continues to remain under bearish pressure, regardless of the ongoing market upswings!
“CPI is better than expected but still very high. Price is testing a massive resistance zone here and forming a lower high. I’m still 100% out of the market,”
November’s CPI came up to be a surprise with a decent drop of more than 0.5% which was more than the expected drop of 0.2%. However, Capo believes that the CPI rate is still pretty high and hence the possibility of rejection to the lower support of $12,000 while the current price levels are very close to $18,000.
Moving ahead, Capo still believes that the Ethereum price may also drop towards the lower support between $600 to $650, while most of the altcoins are believed to undergo a potential drop of 50% to 70% soon.
Mentioning about world’s top 3rd crypto asset, Binance Coin(BNB), the analyst says the token could continue with a bearish trend even though it is trading within a bearish trend. Hence the price target could be somewhere around $40 to $45 from the current levels of around $273.
However, if the BNB price breaks down from these levels, then the price target is believed to reach single digits too.
Overall, the market trend continues to remain pretty bearish despite the prices having jumped considerably in the past 24 hours. Therefore, setting up the possibility of a bull trap for the bitcoin bulls emerges high.