After the latest consumer price index (CPI) data beat expectations, the traders who called the cryptocurrency crash of 2022 are warning of a bullish trap.
Despite better than expected, the CPI figure is still relatively high and Bitcoin will not be able to break above the $18,000 price level, Capo said.
CPI in November came in Prices were 7.1% higher than last year and 0.1% higher than last month, but were expected to be 7.3% higher than last year and 0.3% higher than last month.
“CPI beat expectations but still very high. Price is testing a massive resistance zone here and forming lower highs. I am still 100% out of the market.”
Capo said bitcoin is likely to fall to $12,000 heading into 2023. Bitcoin is trading at $17,729 at the time of writing.
“Trend remains bearish. Indicator points to full surrender event. Bad news should come soon. ETH $600-$650. Altcoins 50%-70% potential drop (s**tcoins more) Stay safe, things can get really ugly.”
At the time of writing, Ethereum is trading at $1,315.
the capo too weight on Binance Coin (BNB) is the native token of Binance, the world’s largest digital asset exchange, and has recently fallen in value. Capo says BNB has a price target range of $40-$45, with him likely to drop more than 85%.
At the time of writing, BNB is trading at $273, down more than 6% from its weekly high of $291.
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