The markets awoke to green candles, giving many investors a sigh of relief. However, a crypto expert who predicted Bitcoin’s (BTC) crash below $30,000 is offering a new warning to traders, claiming that today’s market bounce is most likely a bull trap.
According to Capo, Bitcoin (BTC) was making lower lows the previous time the S&P 500 (SPX) rose to new highs. Following an SPX turnaround, we witnessed more bearish momentum for BTC. SPX is presently near a major resistance level, according to Capo, which might cause it to reverse once more.
Capo then explains that, save from stablecoins, he liquidated his entire altcoin holdings before the market crisis earlier this month, which saw several digital assets lose 70-99% of their value.
More pain for Bitcoin?
Apart from Crypto Capo, Altcoin Sherpa, a well-known crypto analyst on Twitter, recently told his followers that he does not believe Bitcoin (BTC) has reached the bottom. Sherpa admits that determining whether the market is accumulating or if short-term support has reached its limit is subtle and tricky, as it usually is.
The well-known expert also points out that the huge volume wicks in both directions have wiped out Bitcoin (BTC) investors in the short term.
Sherpa further stated,
“I’m still thinking we have some pain to come- maybe we get a relief pump in June/July but I don’t know if this is ‘the bottom.”
Bitcoin (BTC) was trading at $31,505.52 at press time, up by 2.8% in the last 24 hours, and up by 8.1% in the last seven days. The original cryptocurrency is still 54.4% below its all-time high of $69,044.77, which it attained on the 10th of November, 2021, nearly 7 months ago.