Possible Black Swan Event Incoming After Bitcoin and Altcoin Bull Trap, Says Trader – Here Are His Targets
A widely followed cryptocurrency analyst believes Bitcoin (BTC), Ethereum (ETH) and altcoins bulls are being set up for a massive trap. The analyst and trader pseudonymously known as Capo tells his 938,800 followers on the social media platform X that the crypto market looks primed to go up to potentially form a bull trap. A bull trap is a false signal that indicates that the bearish trend is over but then the price abruptly reverses course and witnesses a deeper drawdown. According to the pseudonymous analyst, Bitcoin, Ethereum and altcoins could rally by between 10% and 50% from current levels before a rapid price reversal. “Bitcoin to $100,000 with a quick pump, Ethereum to $3,000, altcoins 10% to 50% up – bull trap soon.” Bitcoin is trading at $89,290 at time of writing while Ethereum is worth $2,205. Capo says the bull trap would lead to Bitcoin, Ethereum and altcoins correcting by double-digit percentage points, potentially triggered by a black swan even...