The current upswings in the Bitcoin price are likely to be fleeting.
After falling below $1 last month, Capo predicted ADA would go below $0.50.
The global cryptocurrency market rose somewhat as the value of several of the most popular cryptocurrencies rose. There was a total of $1.82 trillion in crypto market capitalization today. With most currencies trading in the green zone, bulls have regained market control.
As trade volume has increased, Bitcoin’s value has risen sharply. The bulls have consolidated over $40,000 and seek to break through to $41,000. According to a well-known cryptocurrency expert, Bitcoin (BTC) and one of Ethereum’s competitors (ETH) face significant adverse risks after recent sideways market action. According to a pseudonymous Bitcoin specialist named Capo, the current upswings in the cryptocurrency price are likely to be fleeting.
False Signals Transmitted
Yesterday, the bulls were ecstatic after another deceptive pump failed to breach $40,000 resistance. However, a time of consolidation is drawing to a close, according to him, as pumps begin to falter. According to Capo, Bitcoin is transmitting misleading signals called bull traps, which might lead to a decline in the leading cryptocurrency.
According to Capo earlier this week, his projection of $23,000 for Bitcoin has become more realistic since he expects the decline to be “prolonged.” The next coin is Cardano (ADA). “Far more weakness than projected” is how Capo describes the Ethereum-native competitor’s coin.
Thus, he claims to have reduced the current support level of ADV to approximately $0.40, or nearly 50% below its current value. After falling below $1 last month, Capo predicted that the ninth-largest cryptocurrency would go below $0.50 before rising again.