A widely-followed analyst has a bleak short-term outlook for Bitcoin, Ethereum and several of the largest crypto assets by market cap.
The pseudonymous analyst, who goes by the name Capo, tells his 242,000 Twitter followers that there’s no reason to be bullish, and he expects Bitcoin to break down in April.
Capo expects BTC to fall through a large symmetrical triangle pattern on the 12-hour timeframe, reaching a target price of between $21,000 and $23,000.
The trader, who uses Elliott Wave theory for his analysis, marks Bitcoin’s main resistance level at between $45,000 and $46,000.
Bitcoin is trading at $44,936 at time of writing.
Next up is Ethereum (ETH). The trader says he is setting a buy target of between $1,100 and $1,300 for ETH should it breach support around $2,000.
“ETH Mid-range acting as resistance after deviation above range high and pivot completely broken.
Break of the range low = $1,100 – $1,300.
Ethereum is trading at $3,181 at time of writing.
Next up is the stablecoin protocol Terra (LUNA). Capo says he is targeting a buy price of between $40 and $45.
The analyst says that his bearish thesis would be invalidated if Terra rose above the all-time high of just under $104.
Terra is trading at $93.79 at time of writing.
Next up is the smart contract blockchain Fantom (FTM). Capo says that he expects FTM to fall on the basis that its bullish market structure no longer stands and the fact that Fantom recently experienced a short-lived recovery.
-Bullish market structure broken and now retesting the pivot as resistance
-New lower high
-Corrective move to the upside (dead cat bounce)
Still expecting $0.60 in the next few weeks.”
Fantom is trading at $1.41 at time of writing.
Another coin on Capo’s radar is Cardano (ADA). The crypto strategist says he will change his stance on Cardano to bullish when ADA falls to $0.15.
“Bullish on ADA from $0.15. Bearish on ADA from $2.58. And this is not financial advice.”
Cardano is trading at $1.14 at time of writing.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Jorm S