Crypto Analyst Issues Bitcoin, Ethereum Warning After BTC Explodes Over $20K: ‘There’s a Problem for Bulls’

pseudonymous crypto analyst capo says that the recent rallies in the cryptocurrency market have been meaningless, and new lows are still likely.

Bitcoin BTC/USD has increased by 21% in the last seven days, and Ethereum ETH/USD 23% has climbed. But Capo says market boom hasn’t been invalidated Its bearish outlook.

He believes that bitcoin still needs to successfully break its resistance around the $21,000 to $22,000 area.

At the time of writing, bitcoin is trading at $20,891, up 23% over the past seven days.

According to the crypto analyst, similar resistance is visible in the case of Ethereum. Therefore, he doubled the bearish price target for ETH, expecting a downside break to $600.

At the time of writing, Ethereum was trading at $1,547, up 22% over the past seven days.

Earlier in November, Capo predicted this will go to bitcoin new bear market decline,

Read next: The Wolf of Wall Street Says He Was Wrong About Bitcoin: ‘I Really Hate Crypto’

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