• Cryptocurrency market capitalization is at $846.4 billion, representing a 1% decrease from the day before.
• Bitcoin and Ethereum are experiencing a surge in prices, with BTC breaking its $17,000 resistance level.
• CryptoCapo predicts a market correction, warning investors of a potential bull trap.
The cryptocurrency market has been experiencing a surge in prices and investor sentiment lately, with total market capitalization reaching $846.4 billion. This is a slight decrease from yesterday’s $853.9 billion market cap, but the positive sentiment from investors is still strong.
At the forefront of the market, the two major cryptocurrencies, Bitcoin and Ethereum, are driving the surge in prices. Bitcoin has been particularly impressive, breaking through its $17,000 resistance level. This has caused many investors and traders to jump on the bandwagon in the hopes of profiting from the rising prices.
However, there is one analyst that is warning investors of a potential bull trap. Cryptocapos is a well-known figure in the industry and has correctly predicted Bitcoin’s downfall in 2022. He recently tweeted to his 698,800 followers that he anticipates a market correction.
A bull trap happens when a trader or investor purchases an asset that breaches a resistance level, based on technical analysis. Despite the fact that most breakouts are followed by substantial gains, the security could swiftly make a U-turn. Now, even when Bitcoin surpasses $17,000, CryptoCapo is warning investors that a market correction is likely to occur.
Therefore, investors should be wary of the market’s current trend and take caution when investing in cryptocurrencies. CryptoCapo’s view of Bitcoin is still bearish, and he urges investors to zoom out and ask themselves why they are buying in the first place.
Overall, the cryptocurrency market is seeing renewed investor sentiment, but investors should remain cautious in order to make informed decisions and minimize the risks involved. It remains to be seen how the market will develop in the coming months and years.