Critical Warning From Analyst to Bitcoin Investors

Capo, one of the known crypto money analysts, made critical warnings for the leading cryptocurrency Bitcoin (BTC).

According to crypto analyst Capo, investors state that BTC is in the process of catching as many bulls as possible in an instant and calls for caution.

The popular analyst states that after BTC’s recent surge above the $21,000 level, it has now reached a price area where smart money investors will most likely take profits and push BTC to 2022 lows. Here are the words of the popular analyst:

“As I’ve said many times, $21,000-$21,500 is the hammer zone (distribution zone). Distribution stages are made to capture as many longs as possible while eliminating early shorts. This means several pushes into the resistance zone that strong hands use to continue building their position.”

Looking at the chart, it can be seen that Capo’s breakout above the $21,000 level will trigger a sell event that pushes BTC down to its $14,000 target, with a drop above 34 percent for the leading cryptocurrency by market cap. Although the analyst’s opinion on BTC is bearish, he states that his thoughts are invalid if the BTC price level manages to rally around $23,000 and consolidate. However, if BTC manages to gather at $23,000 and consolidate, it will refute the popular analyst’s thesis.

“I am no longer in an uptrend on BTC, but I will not go out until I see bearish signs (the distribution is complete). A final move between $21,400-$21,500 is possible and you don’t want to short sell here without bearish confirmation.”

The leading cryptocurrency, which has gained 2 percent in the past week, is instantly traded at $ 21,224.16. On the other hand, the popular analyst explained that altcoins continue to rise and shared the following words:

“I am still optimistic about altcoins, but I am cautious. Soon I will be in full decline.”

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