pseudonymous crypto analyst Capo He said the recent rally in the cryptocurrency market meant nothing and new lows are still likely.
Bitcoin Bitcoin/USD Up 21% in the last 7 days, ethereum Ethereum/USD 23% increase. But Capo says the market rebound has not invalidated his bearish outlook.
He believes Bitcoin needs to successfully break the resistance near $21,000 to $22,000.
At the time of writing, Bitcoin is trading at $20,891, up 23% over the past seven days.
Similar resistance is seen in the case of Ethereum, according to crypto analysts. Therefore, he doubled his bearish price target and expected ETH to drop 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 that Bitcoin would head for new bear market lows.
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