A popular crypto analyst and investor thinks the Bitcoin (BTC) and altcoin markets are poised for a major correction. Twitter analyst nicknamed Capo shares a technical view in which he targets $20,000 in BTC price…
Capo warns about Bitcoin (BTC) and altcoins as the cryptocurrency market bleeds
Kriptokoin.com Capo, whose analysis we share, tells his 266,300 Twitter followers that Bitcoin’s “main target” is between $21,000 and $23,000.
Bitcoin (BTC) is trading at $34,709.42 at the time of writing, down more than 8% from last week. It has lost 3.8% in the last 24 hours, falling below $35,000.
Altcoin market tests a critical support zone
Capo also thinks the altcoin market may be on the verge of a major breakout to the downside. In a recent tweet, the analyst said:
Altcoin index is about to break major support. The next support is 50% lower.
The popular crypto analyst adds that Ethereum (ETH) will not be affected by the predicted corrective move:
ETH main target is $1,100-1,300 which is 70% not 50%.
At the time of writing, Ethereum (ETH) price is down 4.8% in the last 24 hours to trade at $2,562.86. It has lost more than 6% in value since last week, while it has dropped more than 20% in the last 30.
Analyst predicts similar losses for SAND, the native cryptocurrency of blockchain-based virtual gaming world The Sandbox.
Capo thinks the Sandbox will drop to the $0.95-1.00 range after the bears capture a crucial support area. SAND, the 44th largest cryptocurrency by market cap, is trading at $1.99 at the time of writing, holding steady from last week. A move towards Capo’s bearish target of $0.95 represents over 50% downside potential for SAND.
In a recent report from Sandbox, the investment arm of Thailand’s fourth-largest bank by total assets has announced plans for a virtual store in the metaverse built by Sandbox. Siam Commercial Bank’s SCB 10X is the second largest financial institution to establish itself in the virtual world, after JP Morgan’s hall opened on the Decentraland platform last month.
