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An analyst who accurately called the 2022 crypto meltdown is warning that Bitcoin (BTC) and Solana (SOL) are likely to print new lows this year.
Starting with Bitcoin, pseudonymous trader Capo tells his 121,564 subscribers on the instant messaging platform Telegram that he sees BTC initially rallying to as high as $100,000 to set a bull trap.
A bull trap is a false signal, luring traders into thinking that an asset is bullish, but instead, the price abruptly reverses and drops.
According to Capo, the rally will set the stage for BTC to witness a massive capitulation event en route to his downside target of around $63,000.
“BTC plan.”
Source: Capo/Telegram
Capo also notes that he thinks the bull trap idea is still valid, even though BTC has fallen below its immediate support.
“BTC has broken below $84,000, which isn’t great for the short-term bullish scenario. However, this still looks like a bear trap to me. Based on indicators and the confluence with altcoins, most of which are holding higher lows above high time frame support, I remain bullish.
That said, I’d really like to see a strong reclaim of $84,000 (ideally $85,000) soon to confirm strength.”
A bear trap deceives traders into thinking that an asset will head to lower levels, but then the price reverses to the upside.
At time of writing, Bitcoin is trading for $82,936.
Turning to Solana, Capo predicts that SOL will also spark a strong leg up before collapsing to his downside target of $100.
“SOL looking good for a bullish move towards $180-$200.”
Source: Capo/Telegram
At time of writing, SOL is worth $125.
