Analyst Warns Ethereum Merge Mania Is Blinding Crypto Traders, Says Hammer Set to Drop on Unsuspecting Investors

by Nitisha Upadhye
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Analyst Warns Ethereum Merge Mania Is Blinding Crypto Traders, Says Hammer Set to Drop on Unsuspecting Investors

The Bitcoin (BTC) analyst who predicted crypto’s most recent market crash is reemphasizing an old warning of new lows to come.

On August 2, pseudonymous trader Capo warned his 475,000 Twitter followers that BTC would bounce to the $25,000 area before crashing to new lows.

“$25,000-$25,500, then new lows.”

With BTC reaching as high as $24,750 in the last 24 hours, Capo believes BTC’s new lows are closer than ever.

“Almost there.”

Analyst Warns Ethereum Merge Mania Is Blinding Crypto Traders, Says Hammer Set to Drop on Unsuspecting Investors

Source: CryptoCapo_/Twitter

Analyst Warns Ethereum Merge Mania Is Blinding Crypto Traders, Says Hammer Set to Drop on Unsuspecting Investors

Source: CryptoCapo_/Twitter

More specifically, the trader thinks BTC is about to crash down to the $16,000 region, slashing Bitcoin by about a third from current prices.

“BTC

Volume is dying. Channels are not impulses but corrections. 

Most people expecting $28,000 or higher, but the big level is $25,000-$25,500.”

Analyst Warns Ethereum Merge Mania Is Blinding Crypto Traders, Says Hammer Set to Drop on Unsuspecting Investors

Source: CryptoCapo_/Twitter

The trader then further elaborated in the comments.

“‘Inflation down, bull market is back, merge, mainnets…’ [Crypto trading] is wonderland, where there’s no risk.

Let me tell you: this is a bear market rally. Don’t be blind. If you made some profits, congratulations. But now is the time to start protecting them again.

Last leg up, then [hammer].”

The trader updated his Twitter followers again this Friday morning, warning that a reckoning is right around the corner.

“One last high to rekt early shorts.”

Again, the trader draws out his point in the comments.

“Quick leg up to $25,000-$25,500, destroying early shorts and trapping more longs that expect $28,000 or higher. Then reversal to new lows.”

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