Analyst Capo, known for correcting the collapse in the crypto market in 2022, is Bitcoin 
$118,017.46Despite the rapid rise of the recent days, investors should be careful, he said. Capo, in a statement to his followers on the social media platform, after Bitcoin reached a new summit with $ 118,700, he warned that a serious correction may be experienced in the market. He stated that this movement could be misleading and can be a “bull trap”.
Weak course in subcoins
Capo said that the general crypto market has a similar risk. He pointed out that the subcoins other than Bitcoin did not exhibit a strong price movement. While most of the Altcoins remained below their last peaks, some fell to the new bottom levels. Analyst said that this situation has given signs that there was a limited positive course rather than a permanent rise in the market.
Capo: “May may have been a local peak for the market. Altcoins have declined by 30-50 percent. We have experienced a kind of ‘black swan’ event with the developments in the Middle East, but another unexpected event may be. Altcoins are currently moving downward instead of creating new peaks.
Warnings from technical indicators
Capo said that a possible “Baş-Ouz” formation is still valid in the three-day graph of the remaining “Total2” index, except for Bitcoins and stabilcoins from the total crypto market value on the Telegram channel. This technical model points out that an asset has lost my momentum and that the upward trend can end if it breaks the support level of the price. “Even if Bitcoin makes a new peak, Altcoins are at strong resistance points.
Capo: “Even if Bitcoin has reached the new summit, the subcoins are stuck with a significant resistance. This movement sounds suspicious to me. I do not trust this rise.”
Sudden Correction concern in the market
According to the analyst, Bitcoin’s current movement may resemble a technical “Blow-Off Top” formation characterized by a sudden and harsh price rise. In this model, the rise often follows a fast and large price drop. According to Capo, Bitcoin may fall up to 64,000 dollars following this wave.
Bitcoin has risen to $ 117,317 and increased by 5.4 percent in the last 24 hours. However, CAPO’s statements emphasized that care should be careful due to the signals given by the ongoing pressure and technical indicators on the subcoins.
Global political developments in the past months are thought to lead to new and unexpected shocks in the market. In particular, it may be useful to closely follow investors, technical indicators and macroeconomic developments. CAPO’s assessment pointed out that despite the current rise in the market, the downward risk continues.
The analyst’s statements once again demonstrated the importance of rapid movements in the crypto markets that they could be misleading and taking a cautious approach while taking forward positions. Investors, especially when examining other digital assets other than Bitcoin, should evaluate technical and basic indicators.
Market experts emphasize the importance of the use of risk management mechanisms in price movements during high volatility periods and the use of risk management mechanisms. Especially after the great rise, warning against the correction movements that may occur. Comprehensive analysis and reliable information sources are important to prevent possible losses.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
