In the last 24 hours, Bitcoin has regained 5.9% to $21,173, while Ethereum has recovered 6.9 percent to $1147. When Bitcoin fell to its lowest level of $18000, it dragged ETH Price down with it, lowering its value by over 11% to around $900, its lowest level since January 2021.
According to CoinMarketCap, the total cryptocurrency market capitalization increased by 5% to $914 billion. Despite the weak trading activity, the largest cryptocurrency by market cap managed to maintain above the $20,000 levels on Monday.
A well-known crypto analyst who correctly predicted this year’s crypto price meltdown is now upgrading his estimate for the top two digital currencies.
Bitcoin has been witnessing a pattern of support/resistance flips, according to the crypto trader Capo, where the previous support low becomes the next ceiling of resistance. He claims that investors frequently deceive themselves into thinking that a brief relief rally indicates that Bitcoin has struck a cycle bottom.
What’s Next for BTC and ETH Price?
The trader then warns of a bull trap, illustrating the gap between growing BTC price and falling open margin contract interest with a graphic. Bull traps deceive investors into thinking that a long rise has begun when, in fact, the price may soon revert to negative territory.
Capo expands on his bull trap theory, claiming that Bitcoin is only rising because investors are liquidating their altcoin holdings and investing in BTC to sell for cash in the future.
The analyst previously stated that “$16,000 is like a strong magnet” for the price of Bitcoin. Today, he issued an update, cautioning investors not to chase the price surge that occurred overnight.
The trader observes that his $983 to $1,223 goal region for the leading smart contract platform Ethereum (ETH) has been reached, before sketching a new support level under $800.
“Main target reached, bounced from there, but no bottom formation yet. Eyes on $700-800 as new support zone, which would complete the 5th of the 5th wave.”
Despite recent gains in both BTC and ETH, Capo wraps up his tweetstorm by revealing his updated forecasts for how low each could fall. According to the chart expert, Bitcoin will drop to $16,200 and Ethereum will reach a low of $750.
Written by: Nidhi Kolhapur
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