The leading crypto Bitcoin (BTC) is down 14% in one day. The analyst, who correctly predicted that Bitcoin will drop below $23,000, has updated his forecast. Crypto-bullish institutional investors, on the other hand, remain one of the biggest losers.
After the initial target, Capo updated his Bitcoin forecasts
A popular crypto analyst had long predicted that Bitcoin would drop below $23,000. The analyst updates his forecast now that his initial goal has been met. The analyst, nicknamed Crypto Capo, is confident that BTC will at some point fall below its target range of $21,000. Analyst says:
Important: Now that the market is moving more aggressively, emotions are starting to emerge strongly. So stick to the main goals even if you see a wick below. They should hold on in the near future. Don’t let panic affect your decisions. Avoid reading news.
$BTC to $21k pic.twitter.com/OAeHHQb5hd
— il Capo Of Crypto (@CryptoCapo_) June 13, 2022
Capo, over the weekend, Bitcoin’s price from $27,500 to $28,228 He warned that the short rally to as high as 2 would entrap traders who are overbought in BTC.
Source: CryptoCapo_/Twitter Capo says he is looking at the altcoin market as a whole to ensure that BTC continues to lose a larger percentage.
The analyst routinely updated altcoin targets amid Monday’s market crash. In this direction, it seems to be approaching its overall bearish range.
30-40% left for altcoins. 15-20% for BTC.
— il Capo Of Crypto (@CryptoCapo_) June 13, 2022
Loss of interest in BTC and ETH among institutional investors
Statistics revealed that institutional investors have significantly lost interest in Bitcoin and Ethereum last week. The ongoing crypto meltdown, which also witnessed the Terra crash last month, is seeing massive selling activity. Over the past week, BTC witnessed a total outflow of $57 million. However, month-to-date outflows amounted to $91 million.
Similarly, Ethereum witnessed massive selling activity due to two major setbacks. The delay of Ethereum Merge had a huge impact on trading activity. In addition, the separation of stETH from ETH worsened the situation. Corporate debuts totaled $41 million. Year-to-date exits to this situation amounted to 387 million dollars.
So far on Monday, the massive drop in Bitcoin price has had a direct impact on the overall cryptocurrency market. Also, MicroStrategy, the largest institutional owner of Bitcoin with 129,218 tokens, extended the losses to its stock price.
Three holders
Bitcoin with significant market share, data on public companies revealed the huge losses suffered by top institutional investors. The Central American country of El Salvador is in the top three among Bitcoin holding institutions, although it is not exactly a company.
In a shocking revelation, a staggering $1.39 billion in BTC was lost among the top three investment firms. MicroStrategy is followed by Elon Musk’s Tesla and El Salvador, which holds 129,218, 42,902 and 2,301 Bitcoins, respectively. Losses in this context are significant in the context of the broader trader sentiment in the crypto market. Together, the top three institutional investors own approximately 0.90% of the total current Bitcoin supply of 21 million.
As a result, the price drop continues to prompt institutional investors to sell their holdings. As we reported on Kriptokoin.com , the crypto market has dropped below $1 trillion for the first time in months. It stands at around $960 million, with losses of more than $1.5 trillion in eight months.
Finally, Bitcoin regained a bit after trading around $23,000 for a while. At press time, BTC is trading just above the $23,600 mark.
