A intently adopted dealer who referred to as the 2022 crypto collapse is warning of a bull entice after the most recent shopper value index (CPI) knowledge got here in higher than anticipated.
The pseudonymous crypto dealer referred to as Capo tells his 685,200 Twitter followers that whereas Bitcoin (BTC) is rallying on the CPI knowledge, the king crypto is assembly vital resistance round $17,800.
Regardless of beating expectations, Capo says the CPI numbers are nonetheless comparatively excessive, and that Bitcoin doubtless received’t be capable to break the $18,000 value degree.
November’s CPI came in at a 7.1% enhance in costs over final 12 months and a 0.1% enhance over the prior month, versus an anticipated 7.3% enhance over the 12 months and a 0.3% from the prior month.
“CPI higher than anticipated, however nonetheless very excessive. Value is testing a large resistance zone right here and forming a decrease excessive. I’m nonetheless 100% out of the market.”
Capo says Bitcoin is more likely to drop all the way down to $12,000 heading into 2023. At time of writing, Bitcoin is altering palms at $17,729.
Capo additionally sets lower cost targets for Ethereum (ETH) and altcoins.
“Pattern remains to be bearish. Indicators are pointing to full capitulation occasion. Dangerous information ought to come quickly. ETH $600-$650. Altcoins 50%-70% potential drop (s**tcoins much more). Keep protected, issues might get very ugly.”
At time of writing, Ethereum is altering palms at $1,315.
Capo additionally weighs in on Binance Coin (BNB), the native token of Binance, the world’s largest digital asset trade, which has declined in worth in latest days. Capo says BNB might drop by greater than 85%, setting a value goal vary between $40-$45.
At time of writing, BNB is altering palms at $273, down greater than 6% from its weekly excessive of $291.
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