Quick Take
- Capo called the recent crypto rally a pump and will die soon.
- Kaleo believes otherwise, predicting bitcoin prices to get to $28,000.
Undoubtedly, this year’s winter might go down in history as the worst in the crypto market. The bear market affected every coin, reducing them from their all high to unpredictable lows.
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No one would have thought that bitcoin would fall below $25,000 in less than a year, seeing that it hit its all-time high, $69,000, last November.
The BTC price then fell beyond what analysts could predict, causing destabilization in the crypto market.
On Jun 22, 2022, CNBC’s Jim Cramer predicted that bitcoin might experience a rally in the next couple of months. However, he said the rally would not reach its all-time high – as expected.
In his words, he said, The charts, as interpreted by Tom DeMark, suggest that bitcoin could have a nice relief rally over the next few months, even if he doesn’t see it revisiting its old highs for years or even decades.
And as he predicted, at the time of writing this article, the BTC price increased by 7% in the last 24 hours and 11% in the past seven days, placing it at $22,107. In addition, Crypto analyst Justin Bennett also claims that Bitcoin price will plunge as low as four figures
However, a crypto analyst has a different reservation about the bitcoin rally.
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The famous crypto analyst who gives advice and warnings to his followers recently warned his followers not to take the current bitcoin rally seriously. The analyst also warned of the current market prices this year and said that BTC prices might reach below $30,000.
Why will Bitcoin Plunge?
In his tweet for his 449,000, the pseudonymous trader, Capo, expresses that sellers still control bitcoin prices.
What we have here for BTC is basically a range. Now the key is to know if it’s accumulation or redistribution.
- Range is small compared to the other ones. Accumulations are usually big.
- Funding is mostly positive.
- Open interest is building up like crazy (positions opening), and cumulative volume delta is increasing a lot, which means that the longs are aping very aggressively.
In my opinion, this is clearly redistribution. Longs are trapped in the same setup we have been seeing these months, while indicators are bearish.
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However, Kaleo’s chart predicts that BTC will rally up to $28,000 in a short time and will be followed by another rally up to $30,000.
