The week started with bulls taking over the crypto market, with most cryptocurrencies seeing bullish momentum. Today, March 30, although Bitcoin and other major altcoins are signaling red, BTC price is still trading above $47,300, Ethereum above $3,400 and others hinting that the bull run will soon be back.
Analyst Warns Traders Amid Bull Run!
Despite this stronghold of bulls, pseudonymous analyst Capo took to Twitter to warn his quarter-million followers saying that although Bitcoin has performed impressively over the past week, the flagship currency is not getting any better. is not yet consolidated above its crucial resistance levels.
Simultaneously, Capo points to decreasing volume while open interest and funding increase, demonstrating that traders are putting excessive leverage in the system.
Also Read: Has the Crypto Space Reached the Local Top? Bitcoin (BTC) and Altcoins set to consolidate for a while here!
The above tweet indicates that Capo is indicating a bearish pull forming in the stock market. According to the pseudonymous analyst, the S&P 500 index is likely on its way. The S&P 500 index is often tied to the crypto markets.
While comparing Shiba Inu’s price rally and the start of XRP’s bear market in 2018, with the image above, Capo claims that some altcoins are forming price action patterns that resemble past bear cycles.
Ethereum will see a drop towards $1,300!
Although Ethereum broke above the $3,300 level, well-known analyst Capo gave a downside target for Ethereum (ETH). According to Capo, the price of Ethereum will see a slide towards $1,300 or a fall of around 63% against the price of the currency.
At the time of writing, Ethereum is trading at $3,403 with a decline of 0.03% in the past 24 hours and Bitcoin is positioned at $47,339 down 0.38% in the past 24 hours .
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