The pseudonymous crypto analyst Capo says that the recent rallies in the cryptocurrency market mean nothing, and new lows are still likely.
Bitcoin BTC/USD has rallied 21% in the last seven days, and Ethereum ETH/USD has rallied 23%. But Capo says the market’s bounce hasn’t invalidated his bearish outlook.
He believes Bitcoin still needs to successfully break its resistance around the $21,000 to $22,000 area.
At the time of writing, Bitcoin was trading at $20,891, up by 23% in the last seven days.
According to the crypto analyst, similar resistance is visible in the case of Ethereum. Therefore, he doubled down on bearish price targets, anticipating a drop to $600 for ETH.
At the time of writing, Ethereum was trading at $1,547, up by 22% in the last seven days.
Earlier in November, Capo predicted that Bitcoin would head to new bear market lows.
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