An analyst who precisely referred to as the 2022 crypto meltdown is warning that Bitcoin (BTC) and Solana (SOL) are more likely to print new lows this yr.
Beginning with Bitcoin, pseudonymous dealer Capo tells his 121,564 subscribers on the moment messaging platform Telegram that he sees BTC initially rallying to as excessive as $100,000 to set a bull lure.
A bull lure is a false sign, luring merchants into pondering that an asset is bullish, however as an alternative, the value abruptly reverses and drops.
In keeping with Capo, the rally will set the stage for BTC to witness an enormous capitulation occasion en path to his draw back goal of round $63,000.
“BTC plan.”
Capo additionally notes that he thinks the bull lure thought remains to be legitimate, though BTC has fallen beneath its quick assist.
“BTC has damaged beneath $84,000, which isn’t nice for the short-term bullish situation. Nevertheless, this nonetheless appears like a bear lure to me. Based mostly on indicators and the confluence with altcoins, most of that are holding larger lows above excessive timeframe assist, I stay bullish.
That stated, I’d actually wish to see a powerful reclaim of $84,000 (ideally $85,000) quickly to substantiate energy.”
A bear lure deceives merchants into pondering that an asset will head to decrease ranges, however then the value reverses to the upside.
At time of writing, Bitcoin is buying and selling for $82,936.
Turning to Solana, Capo predicts that SOL can even spark a powerful leg up earlier than collapsing to his draw back goal of $100.
“SOL wanting good for a bullish transfer in the direction of $180-$200.”
At time of writing, SOL is price $125.
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