So, there’s this analyst, Capo, who’s kind of a big deal because he called the 2022 crypto crash. Now, he’s warning everyone that Bitcoin’s (BTC) latest sky-high jump might just be a giant bull trap. Like, a trap for bulls. Get it? 🐂Trap?
Capo, who has a whopping 970,500 followers on X (formerly known as Twitter, but let’s not get into that), is telling his fans that Bitcoin might suddenly take a nosedive after hitting a new all-time high (ATH) of about $118,700 on Thursday. Can you imagine? It’s like Bitcoin is playing a game of Jenga, and we’re all just waiting for the tower to fall.
A bull trap, for those of you who didn’t major in finance, is when the market gives a false signal that the bearish trend is over, but then it’s like, “Just kidding, suckers!” and the price plummets even further. It’s like when you think the roller coaster is over, but it just starts going upside down. Fun, right?
“This could very well be the ultimate bull trap. Staying cautious.”
Capo also thinks the broader crypto market might be setting up a similar trap. He’s saying that altcoins haven’t shown the kind of bullish patterns we’d expect, and he’s bracing for another black swan event. You know, one of those rare, unpredictable events that can send the market into a tailspin. Like, if a unicorn suddenly decided to start trading crypto. 🦄
“May was the local top for the market, with altcoins down 30%-50% from there. We’ve already seen a form of Black Swan with the Middle East conflict escalation, but I’m expecting another one. So far, this is still a lower high for alts, even if Bitcoin is making new ATHs due to buying pressure from institutional strategic reserves. In any case, invalidation levels are clear, and they haven’t been hit. Most altcoins remain in a clear downtrend, and some have even made new ATLs (all-time lows). The only crypto asset that has truly had a bull market is BTC, with a few other exceptions.”
On Telegram, where Capo has 128,307 subscribers, he’s pointing out that the TOTAL2 chart, which tracks the market cap of all crypto assets excluding Bitcoin and stablecoins, hasn’t broken out of a bearish head-and-shoulders pattern (H&S) on the three-day timeframe. A head-and-shoulders pattern is like a warning sign that says, “Hey, this party might be over soon.”
“Despite BTC reaching a new ATH, altcoins remain at a clear resistance. Something feels very off. I don’t trust this move.”
At the time of writing, TOTAL2 is trading for $1.31 trillion. That’s a lot of zeros, but it’s not exactly a reason to pop the champagne just yet.
Lastly, Capo thinks Bitcoin might be forming a blow-off top, which is a fancy way of saying that the price is going to spike and then crash. It’s like when you’re at a party, and everyone’s dancing on the tables, but then the cops show up. 🚔
According to his chart, Bitcoin might correct to the $64,000 range. Ouch. That’s like a 46% drop. Bitcoin is currently trading for $117,317, up 5.4% in the last 24 hours. So, if you’re thinking about buying, maybe wait until after the next episode of 30 Rock. 📺
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2025-07-11 21:22