A widely followed cryptocurrency analyst and trader is leaning bullish on the altcoin market but with a caveat.
The analyst pseudonymously known as Capo tells his 929,300 followers on the social media platform X that altcoins could go up by double-digit percentage points from the current level.
“Expecting altcoins to pump 10%-20% from here.
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However, I believe this bounce is a bull trap because a big drop is likely to follow.”
Source: Capo/X
A bull trap is a move designed to lure in retail traders via a fake breakout but instead of continuing to rise, the asset abruptly reverses and moves sharply to the downside.
According to the pseudonymous analyst, altcoins could bottom out and start a bull run once the potential downtrend is over.
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