pseudonymous crypto analyst capo says that the recent rallies in the cryptocurrency market have been meaningless, and new lows are still likely.
Bitcoin BTC/USD has increased by 21% in the last seven days, and Ethereum ETH/USD 23% has climbed. But Capo says market boom hasn’t been invalidated Its bearish outlook.
He believes that bitcoin still needs to successfully break its resistance around the $21,000 to $22,000 area.
At the time of writing, bitcoin is trading at $20,891, up 23% over the past seven days.
According to the crypto analyst, similar resistance is visible in the case of Ethereum. Therefore, he doubled the bearish price target for ETH, expecting a downside break to $600.
At the time of writing, Ethereum was trading at $1,547, up 22% over the past seven days.
Earlier in November, Capo predicted this will go to bitcoin new bear market decline,