Popular and pseudonymous cryptocurrency analyst il Capo of Crypto (Twitter: @cryptocapo) believes an imminent capitulation is awaiting the industry despite the recent Bitcoin rally above $21k. Addressing his 705.6k Twitter followers, the analyst highlighted several scenarios for top crypto assets. Generally, the analyst indicated that the base consolidation in the past few months is weak to guarantee a strong parabolic crypto move.
As such, a crypto market correction below the previous lows is imminent according to the analyst.
“Bitcoin is in a ltf parabolic move. But there’s a problem for bulls. This move is already overextended. The base of the parabola was weak, and when this ltf trend breaks it often results in sharp declines and full reversals,” the analyst indicated.
In conclusion, the analyst indicated now may be a good time for short-term traders to protect profits before a $12k surprise. Moreover, Bitcoin price already broke the 2017/2018 ATH, which is a strong factor in bearish sentiment.
Bitcoin and Crypto Market Outlook
The crypto market has enjoyed relief from FTX and Alameda’s fallout and also the 2022 bear market. The Ethereum (ETH) market has surged over 21 percent in the last seven days to trade around $1,565 on Monday. Nonetheless, the asset is still 67.7 percent lower than its ATH set on November 10, 2021. The bitcoin market, on the other hand, is down approximately 69 percent from its ATH.
Meanwhile, the Solana ecosystem is enjoying the crypto FOMO rally with a modest growth of about 145 percent in the past fourteen days. While Solana network was the most hit by the FTX implosion – down over 90 percent since ATH – Santiment believes the recent rally is fueled by liquidated shorts.
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