During the most challenging days of the bear markets, everyone was closely following his predictions. However, as the trend turned upward, the story of Capo’s deeper dip in November also faded. He was hard to convince of the rise, and while BTC exceeded $50,000, he was claiming that we were experiencing the biggest bull trap in history.
Crypto Expert Commentary
Bitcoin’s price dropped to $59,600 in the early hours. Despite the noise of war triggering sell-offs in BTC prices, the king cryptocurrency climbed back above $65,000. It was during this drop and subsequent recovery that crypto analyst Capo wrote;
“We saw another sell-off below $60,000. The price then grabbed some more liquidity and bounced. Now the question is, is there a local bottom?
There’s still a lot of liquidity between $57,000 and $59,000, and now there are more early longs. We might see another drop to this area to grab more liquidity and shake out the early longs, but it might also not happen.
If you’re not talking about the war, you’re not empathizing. The market is dumping because of missiles. There will always be a story.
Wars are created by those in power to gain more power and satisfy their egos. They don’t care about people suffering; they only think about themselves. They also divide people into two sides. But there are only two real sides: those who create the war and those who suffer. The war has been ongoing for several weeks and was one of the potential reasons for the correction. If you chose to ignore this just because the price was rising, that’s on you. However, some tried to warn about this. So, adapting is pretty much all we can do.”
Altcoin Expert Opinions
Capo expects more rises for ETH. Now that the halving has also occurred, the uptrend should continue strongly despite intermediate drops. The analyst’s initial target for ETH is the $3,500 area.
It might have been overlooked, but a decision on the spot Ethereum ETF application by Ark and 21shares is due by May 23. A rejection is currently expected, but if all ETFs are approved, it would be a significant price catalyst for ETH.
