A intently adopted dealer who referred to as the 2022 crypto collapse is warning of a bull lure after the most recent client value index (CPI) knowledge got here in higher than anticipated.
The pseudonymous crypto dealer often called Capo tells his 685,200 Twitter followers that whereas Bitcoin (BTC) is rallying on the CPI knowledge, the king crypto is assembly vital resistance round $17,800.
Regardless of beating expectations, Capo says the CPI numbers are nonetheless comparatively excessive, and that Bitcoin seemingly gained’t have the ability to break the $18,000 value degree.
November’s CPI came in at a 7.1% improve in costs over final 12 months and a 0.1% improve over the prior month, versus an anticipated 7.3% improve over the 12 months and a 0.3% from the prior month.
“CPI higher than anticipated, however nonetheless very excessive. Value is testing an enormous resistance zone right here and forming a decrease excessive. I’m nonetheless 100% out of the market.”
Capo says Bitcoin is prone to drop right down to $12,000 heading into 2023. At time of writing, Bitcoin is altering arms at $17,729.
Capo additionally sets cheaper price targets for Ethereum (ETH) and altcoins.
“Pattern continues to be bearish. Indicators are pointing to full capitulation occasion. Dangerous information ought to come quickly. ETH $600-$650. Altcoins 50%-70% potential drop (s**tcoins much more). Keep protected, issues may get very ugly.”
At time of writing, Ethereum is altering arms at $1,315.
Capo additionally weighs in on Binance Coin (BNB), the native token of Binance, the world’s largest digital asset trade, which has declined in worth in current days. Capo says BNB may drop by greater than 85%, setting a value goal vary between $40-$45.
At time of writing, BNB is altering arms at $273, down greater than 6% from its weekly excessive of $291.
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