Pseudonymous crypto analyst, Capo of Crypto, on Monday expressed bearish sentiment, suggesting that the surge in Bitcoin (CRYPTO: BTC) price may have been short-lived.
What Happened: Capo observed, "the fake pump seems almost over" as BTC quickly retreated back to the $27,000 level after briefly reaching a six-week high of $28,000.
Capo in a note seen by Benzinga said, "$19,000 to $20,000 should be next. Then we should see a short-term bounce around there, and then the last capitulation leg to $12,000."
According to the analyst, the orchestrated price increases often involve familiar participants, false demand, and specific price action, with the ultimate aim of trapping investors and utilizing their positions as exit liquidity.
Capo in a separate note last week, said that these movements are becoming weaker over time as their effectiveness diminishes. "Same players, same fake demand, same PA. And always with the same purpose: to trap you and use you as exit liquidity. Now with the difference that these movements are increasingly weaker because they are running out of fuel to do this."
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's 'Octopussy
Why It Matters: However, not all analysts share Capo's bearish perspective.
Michael Van de Poppe, another analyst, expressed a more bullish stance on the market, referring to the current month as "Uptober."
Van de Poppe acknowledged a slight market pullback but highlighted the quick recovery of most altcoins. "The markets did make a slight pullback, some #Altcoins too and most of them have bounced back swiftly."
Meanwhile, Crypto Tony identified a potential short setup after the recent aggressive sell-off. "I remain long since $26,000 so will not be closing that for now, but I will be hedging short if we get a bearish retest on $27,900."
Price Action: At the time of writing, BTC was trading at $27,623.28, down 2.67%, according to Benzinga Pro.
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Pseudonymous crypto analyst, Capo of Crypto, on Monday expressed bearish sentiment, suggesting that the surge in Bitcoin (CRYPTO: BTC) price may have been short-lived.
What Happened: Capo observed, "the fake pump seems almost over" as BTC quickly retreated back to the $27,000 level after briefly reaching a six-week high of $28,000.
Capo in a note seen by Benzinga said, "$19,000 to $20,000 should be next. Then we should see a short-term bounce around there, and then the last capitulation leg to $12,000."
Capo 在看過的紙條裏 本辛加 說:“接下來應該是19,000至2萬美元。然後我們應該看到短期反彈,然後最後一次投降至12,000美元。”
According to the analyst, the orchestrated price increases often involve familiar participants, false demand, and specific price action, with the ultimate aim of trapping investors and utilizing their positions as exit liquidity.
Capo in a separate note last week, said that these movements are becoming weaker over time as their effectiveness diminishes. "Same players, same fake demand, same PA. And always with the same purpose: to trap you and use you as exit liquidity. Now with the difference that these movements are increasingly weaker because they are running out of fuel to do this."
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's 'Octopussy
查看更多: 詹姆斯·邦德的《Octopussy》中的浮宮住宿
Why It Matters: However, not all analysts share Capo's bearish perspective.
爲什麼重要: 但是,並非所有分析師都認同Capo的看跌觀點。
Michael Van de Poppe, another analyst, expressed a more bullish stance on the market, referring to the current month as "Uptober."
邁克爾·範德波普,另一位分析師對市場表達了更加看漲的立場,稱本月爲 “Uptober”。
Van de Poppe acknowledged a slight market pullback but highlighted the quick recovery of most altcoins. "The markets did make a slight pullback, some #Altcoins too and most of them have bounced back swiftly."
Van de Poppe承認市場略有回調,但強調了大多數山寨幣的快速復甦。“市場確實略有回調,還有一些 #Altcoins,其中大多數已經迅速反彈。”
Meanwhile, Crypto Tony identified a potential short setup after the recent aggressive sell-off. "I remain long since $26,000 so will not be closing that for now, but I will be hedging short if we get a bearish retest on $27,900."