The cryptocurrency market has been facing a negative mood for some time now. Bitcoin (BTC) and many altcoins are falling in value. Meanwhile, one analyst warns that the market is not going to get any better. Here are the details…
Bitcoin forecaster expects bigger crash
Crypto Capo, which has come to the fore with its accurate predictions for the crypto market in the past period, conveyed its new comments. He was widely known for accurately predicting Bitcoin (BTC) and the crypto market crash. The analyst now states that it would be better for traders to sell their holdings. In other words, he states that it would be positive for investors to stay completely out of the market for now.
Capo states that it is still early to expect a rise in the crypto money markets. He says he expects another round of decline in prices. Also, according to the analyst, everyone should stay away from the markets right now. Capo points out that there is a strong possibility of eventual capitulation at this time. He emphasizes that there are a number of factors behind this. The items pointed out by the analyst and pointing to capitulation are as follows:
- Technical factors look bad (Price is below June low, indicators are down, funding rates are resetting).
- There are bull traps as usual, but they are getting weaker and weaker.
- No comments like “you will miss the opportunity”.
$11,000-14,000 in BTC, 40 percent drop in ETH
On the other hand, the analyst points to the possible scenario where BTC falls somewhere between $11,000 and $14,000 before finding support. “A chart is worth a thousand words,” he says, sharing the chart below. Capo says his main target for BTC is $14,000. But he says a capitulation wick near $13,500 or $12,500 is also likely.
As for the second largest cryptocurrency, Ethereum (ETH), Capo thinks ETH will hit triple-digit prices before the end of the month. He believes that the coin will fall to the $700-750 range. This marks a drop of as much as 40 percent from current price levels.
Capo’s previous predictions
cryptocoin.com As we have reported, Crypto Capo has gained a reputation for knowing the market dips. Crypto Capo is widely followed for its accurate predictions for the cryptocurrency market. Especially this year, he stood out for correctly predicting the cryptocurrency crash in June. Therefore, Capo’s predictions have been eagerly awaited lately. Because investors are facing a collapse, he pays attention to the analyst’s statements.
Capo’s star didn’t shine just by predicting this year’s collapse. Earlier, the analyst predicted that in 2021 BTC would drop to $50,000. He also correctly predicted the drop in BTC to $3,500 about three years ago.
