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Crypto Analyst Issues Bitcoin, Ethereum Warning After BTC Explodes Over $20K: ‘There’s A Problem For Bulls’

The pseudonymous crypto analyst Capo says that the recent rallies in the cryptocurrency market mean nothing, and new lows are still likely. 

Bitcoin (CRYPTO: BTC) has rallied 21% in the last seven days, and Ethereum (CRYPTO: ETH) has rallied 23%. But Capo says the market’s bounce hasn’t invalidated his bearish outlook. 

He believes Bitcoin still needs to successfully break its resistance around the $21,000 to $22,000 area.

At the time of writing, Bitcoin was trading at $20,891, up by 23% in the last seven days. 

According to the crypto analyst, similar resistance is visible in the case of Ethereum. Therefore, he doubled down on bearish price targets, anticipating a drop to $600 for ETH.

At the time of writing, Ethereum was trading at $1,547, up by 22% in the last seven days.  

Earlier in November, Capo predicted that Bitcoin would head to new bear market lows

Read Next: The Wolf Of Wall Street Says He Was Wrong About Bitcoin: 'I Really Hated Crypto'

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