While Bitcoin exceeded $ 59,000 with the increase it experienced during the day, BTC evaluations and predictions began to come from analysts one after another.
At this point, while analysts generally thought that Bitcoin could rise further, Capo of Crypto, who is known for his bearish views and is frequently criticized by investors for his bearish comments, argued that this rise is a trap.
Evaluating the latest rise in BTC via Telegram, il Capo stated that the latest rise in Bitcoin has no meaning other than a bull trap.
The analyst, who is still expecting a big drop in Bitcoin and altcoins, said that BTC is moving against the supply and money is flowing from altcoins to BTC.
At this point, Capo said that he expects the point reached with the last rise to be the peak for BTC, and stated that he is staying away from the market for now.
“In my analysis yesterday, I said that the pump in Bitcoin has no meaning other than a bull trap. Same thing with today's rise.
BTC is moving opposite the supply (and is now losing volume and trending downward) but altcoins are not moving either. This means that money flows from altcoins to BTC and no new money enters the market there.
Funding has been very positive for days and there is a lot of liquidity gap below.
At this point, I wouldn't be surprised if the recent rally was retraced as a top on a daily candle. I actually think this is probably the worst moment to be bullish.
“After taking profits from altcoins a few days ago, I'm staying away from the market altogether now.”
Bitcoin continues to trade at $59,373 at the time of writing.
*This is not investment advice.