A widely followed crypto analyst says that Bitcoin (BTC) appears primed to move a leg up as its technical indicators remain bullish despite its most recent downtrend.
In a new post on the instant messaging app Telegram, pseudonymous crypto strategist Crypto Capo tells his 121,635 subscribers that the top crypto asset by market cap looks ready to shoot up to between $92,000-$98,000 if it can successfully reclaim the $85,000 range.
“Crazy [price action] yesterday… and this is exactly why I avoid leverage most of the time. Right now, BTC is just deviating above and below the $84,000-$85,000 area, flip-flopping and trying to find direction.
Indicators remain bullish for the short-term, so I still think a move up is more likely. But once again, we need to see a clean reclaim of $85,000 to confirm that. As long as that happens, the target would be $92,000-$98,000, which is the next strong resistance zone.”
According to Capo, President Donald Trump’s most recent tariffs have already been priced into the market, which means BTC could unexpectedly rise as most inventors anticipate a bearish event.
“Most people expect today to be a bearish event (Trump administration to announce global tariffs today at 4PM)… I see it differently. Most of the tariff news is likely already priced in.
The market has been dropping for weeks. Charts keep looking bullish for the short-term, and we’ve already seen some signs of strength. Could easily turn into a buy the news kind of day. Let’s see how the market reacts!”
The trader concludes by noting on the social media platform X that selling BTC now would be a huge mistake as he believes the current market to be in the midst of a bear trap, or a deceptive market pattern that fools traders into believing that a sustained downtrend is incoming.
BTC is trading for $81,609 at time of writing, a 5.6% decrease during the last day.
Generated Image: DALLE3