Heading For A Bitcoin (BTC) Market Correction?

Investor Capo is a widely followed trader with 563,000 Twitter followers. He predicted the crash of the crypto market in 2022. Recently, he talked about the huge wave of short-term liquidations seen during this week. Find out what this situation predicts according to Capo.

The start of a correction in the crypto market?

According to one RELEASE by Capo on Twitter on October 26, the current bubble in the BTC market will turn into a correction. The crypto analyst indeed claimed: “We’ve seen the biggest short-term sell-off in recent months, proving that this move is a short squeeze and most people positioned themselves on the downside (hence the hate I’ve been getting lately). Now is the time for buyers to step into the trap“.

Capo’s analysis

According to Capo, we should expect, first of all, a rally that will bring the price of BTC to around $21,000. However, secondly, there will be a correction and prices will fall again. Also, the crypto analyst predicted a decline for the S&P 500 Index (SPX). According to him, since the stock market is closely related to BTC lately, SPX should also correct again. The trader predicts a drop of about 20% for the stock index.

What do other BTC market traders think?

Many traders consider the current state of the cryptocurrency and stock markets as bullish indicators. A famous merchant named Alan had provided that the next price cycle for BTC could be $35,000. “Bitcoin forms a flag in the configuration of the previous flag. The yellow area of ​​the Stochastic indicator shows (at least) the second half of the flag, where we are currently“, he declared.

BTC Technical Analysis

He added: “Next Pole Low = $35,000. A rapid rebound always follows a decline. No emotions, don’t be shockedBTC traders had seen this statement as a ray of hope. They hoped they could finally take solace in the fact that the major cryptocurrency had fallen as much as 75% from its all-time highs almost a year ago.

For many traders, movements trends in the bitcoin (BTC) market indicate an upward trend in the future. However, the famous trader Capo predicts a correction for BTC. Meanwhile, the main crypto is currently trading around $20,600.

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Avatar Luc Jose Adjinacou
Luc Jose Adjinacou

No less than it dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. Therefore I decided to study and understand the blockchain and its many uses and transmit with my pen information about this ecosystem.

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