Crypto Analyst Who Predicted Bitcoin Collapse Now Says ‘Decline to Lower Levels Will Happen in the Near-Term’ – Bitcoin (BTC/USD)

The widespread fallout from FTX has hit the cryptocurrency market. Apex Crypto Bitcoin BTC/USD On Sunday, it was trading below the $17,000 mark. At the time of writing, BTC is trading at $16,567.

Capo, a pseudonymous crypto analyst, predicted a collapse for bitcoin this year, saying it is potentially heading for a new bear market decline.

Capo believes that the current rally in the crypto market is a trap for the bulls, and that bitcoin will fall to lower levels in the near future. In a Twitter post, he shared how BTC hit the resistance at $17,600.

He predicted that bitcoin would be on a recovery after hitting his capitulation target.

According to crypto analyst Cred, bitcoin is flashing relative strength despite the collapse of crypto exchange FTX. However, he says it is too early to make a solid bullish case for bitcoin.

“Given the enormity of what’s happening, I understand that argument of relative strength,” Creed said.

“The worst news we had was fathomless and unfathomable, yet the market is still kind of range bound on the daily chart. So someone is willing to soak it up,” he said.

Read Next: The Wolf of Wall Street Says He Was Wrong About Bitcoin: ‘I Really Hate Crypto’

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