Crypto analyst Capo, known for his accurate predictions, announced that he expects further declines for the Bitcoin and altcoin market. Let’s look at the analyst’s expectations, keeping in mind that estimates are not precise.
Capo, who predicted the collapse details correctly, expects deeper bottoms in Bitcoin (BTC)
Capo, whose analysis we shared asKriptokoin.com , is up to date. In his technical analysis, he told his 319,300 Twitter followers that Bitcoin could drop further once the cryptocurrency market drops below the key support level. The analyst explains why he expects a decline:
Bitcoin (BTC) broke the $30,000 support zone, which is the main axis of the bull run. This is a region, not a level. It’s between $29,000-31,000 buying all the wicks. It is now testing that area as resistance.
The analyst says that Bitcoin could drop as low as $21,000 before rising. As for the altcoin side, Capo has a similar forecast for altcoins, where he expects to drop another 40% to 50% over the next few days:
The bear flag’s minimum target has not yet been reached ($23,000). You can also see this in altcoins where some of the main targets have not yet been reached.
Meanwhile, Capo says Bitcoin will recover once it finds its lows, but remains pessimistic that the bear market will end soon. He recently said that altcoins may not hit new highs until after the Bitcoin halving in 2024:
I expect a good recovery after this latest drop (100-500% bounce depending on which coin), but later this year We can see that the bear market continues. We don’t expect new ATHs until mid-2024 (after the next halving).
Capo predicts great volatility for THORChain (RUNE)
Capo also included an altcoin that expects a drop in some of their analysis, Assets across different Blockchains Huge volatility awaits for THORChain (RUNE), which aims to facilitate safe and inexpensive transfers. He shared a chart stating that he thinks RUNE could decline to the $1.09 range, down about 65%. The chart also shows that RUNE price could rise to the $3.70 range later on.
THORChain’s native cryptocurrency, RUNE, is trading at $2.79 at the time of writing. The 57th largest cryptocurrency by market cap has dropped over 5% in the last 24 hours. Meanwhile, Bitcoin is trading at just over $29,000.
