• Bitcoin and Ethereum are experiencing a surge in prices, with BTC breaking past the $17,000 resistance level.
• Crypto expert CryptoCapo believes the current market rise is likely a bull trap, where traders purchase an asset that breaches a resistance level and then quickly reverses.
• Despite the bullish market sentiment, CryptoCapo still has a bearish outlook on Bitcoin.
The cryptocurrency market is showing renewed investor sentiment as the total market capitalization of cryptocurrencies currently stands at $846.4 billion, only a 1% decrease from yesterday’s $853.9 billion market cap. This surge in market valuation can be attributed to recent bullish price actions in the market, with major cryptocurrencies Bitcoin and Ethereum both experiencing a surge in price.
Bitcoin has been particularly successful, breaking through its $17,000 resistance level. However, despite this bullish market sentiment, one prominent crypto expert believes that the current market is nothing more than a bull trap. CryptoCapo, who correctly predicted Bitcoin’s downfall in 2022, believes that traders are being lured into purchasing an asset that breaches a resistance level and then quickly reverses.
CryptoCapo has also taken to Twitter to caution his 698,800 followers against buying Bitcoin at this point in time. His recent tweet read: “Zoom out. Ask yourself: why am I buying here? Is it because everyone else is buying? If so, get out now.”
Although CryptoCapo’s warnings may be concerning, it’s important to remember that the cryptocurrency market is a highly volatile one. Traders should always make sure to do their research and not rely on the opinion of just one commentator.
Ultimately, the success of the cryptocurrency market depends on investors being able to make informed decisions and weigh up potential risks. Despite the warnings from CryptoCapo, it’s clear that Bitcoin and other major cryptocurrencies have been performing well and with further support, the market could continue to surge.