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Crypto analyst Capo from Crypto has issued a market warning. Capo is one of most recognized names in social media for crypto. He has dismissed the present trajectory of Bitcoin and the market for altcoins, predicting only a temporary rally. This is his analysis points to a Bitcoin price crashAltcoins are likely to have the biggest impact on the market, as their prices fall further.
Bitcoin price is headed below $100,000
Capo from Crypto posted a post on the social network platform X, formerly Twitter. shares The current Bitcoin strength is not sustainable, according to a bearish theory. He argues that Bitcoin hasn’t yet bottomed and that capitulation is not imminent.
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Capitulation is when the prices of a market are dropping, which causes panic amongst investors. Investors panic, fearing that the prices are going to continue to crash. This leads to more selling and further losses. The FTX is a good example of a market capitulation. market crashThe Bitcoin price dropped by over 60% in just a couple of months.
The analyst says that Bitcoin’s price is likely to fall, at first even below $100,000. When this psychological threshold is reached, he believes the Bitcoin price will continue to fall. price heading for the $92,000 to $93,000 territory. He does not expect that the crash will end here, as events of capitulation often result in even greater losses. He says that, if Bitcoin falls below $92,000-93,000 in support then prices could fall as low as $60-70,000.
Altcoins to be Decimated
Bitcoin is predicted to fall so steeply, what will be the impact on the economy? altcoin market The impact will be greater. Over the past couple of months, 10% declines in Bitcoin have translated to 20-30% drops in altcoin values. This means that a near 50% drop is equivalent to around 20-30% in altcoins. crash in the Bitcoin price Altcoins would suffer a major blow.
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Capo, the CEO of Crypto, expects altcoins’ prices to fall even more. His prediction is that their price will drop another 50-80%. It could also put the altcoin market on a path to new lows Not seen in the past five years and may be the worst bear-market in recent history.
Capo’s warning of an impending collapse is not his first. In May, as the Bitcoin price reached new highs, Capo warned the community that it could crash. He posted on May 15 a picture Black Swans are a warning that the market could collapse. Since then most altcoins have reversed their gainsBitcoin is the only currency that has managed to keep most of those gains.
Chart from TradingView.com, image from Dall.E
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Source: www.newsbtc.com
