The crypto market appears to be headed for a bearish close this weekend as assets continue to flash mixed signals. The majority of cryptocurrencies are trading in the red, led by Bitcoin which has fallen below $19,200.
The altcoins aren’t doing well either. Ethereum has yet again lost its $1,300 level, subsequently pulling back other altcoins like Solana, Cardano, and XRP, among others.
Amidst the bear movement, a well-known crypto analyst has informed his followers that he plans to accumulate one Solana-based (SOL) altcoin with the hope of earning profit with a massive price surge.
The analyst, anonymously known as Capo, informs his 551,000 followers over Twitter that the overall crypto market will have a clear direction next month after the Federal Reserve will decide upon their next interest rate hike.
Bitcoin (BTC) Price Analysis
The analyst continued by saying that if the Fed decides to increase interest rate by 75 or 100 basis points, the lead cryptocurrency, Bitcoin will drop hard, pulling back other cryptocurrencies as well.
As per Capo, the flagship currency is holding on above $19,000 because the price crunch is more due to the deviation than direct price movement. Hence, he believes the short squeeze phase is still not over and the Bitcoin price may still climb up to $21,000 or more before crashing to $14,000.
However, though the analyst says $21,000 is a resistance zone, he believes that Bitcoin could move towards $21,500 before finding its bottom.
