Analyst Capo, who knew the collapse in Bitcoin (BTC) in real form this year, came to the fore with his latest statements about the largest cryptocurrency with its market price. The analyst now warns investors of an impending altcoin boom. Here are the details…
Bitcoin analyst warns his followers
The analyst, who came to the agenda with his real assumptions before, made new statements. Analyst Capo stated that financial markets look bad. However, he stated that the conditions for altcoins are even worse. “The whole market looks bad,” the analyst says. He also argues that altcoins are likely to see 50-55% declines on average. Apart from that, it points to the possibility of shitcoins experiencing a bigger drop. The analyst uses the following words:
The whole market looks bad… The trouble is, some altcoins look even worse. If altcoins dump an average of 50-55 percent at this point, even shitcoins alone can dump 60-90 percent quickly. Stay in the faith.
Capo recently assumed new bear market baselines for Ethereum (ETH), the largest altcoin by market cap. According to the strategist, BTC could fall as low as $12,000, while ETH could drop to $600-650. The analyst underlined that the trend is still on the bearish side. He stated that the “bad news” should come soon, as Bitcoin will see $12,000 and ETH $600-650.
Most BTC holders are at a loss
Earlier, Capo stated that BTC bulls may have sparked a rally at $15,700, the current bear market low. But he also said that the bounce was significantly smaller than what was seen in Bitcoin’s bullish rallies in June. “Every bounce is smaller. Low soles and low highs. It turns into resistance. $12,000 is like a magnet,” he said. The trader stated that at that time, more than one Bitcoin owner was lost and badly prepared for what would happen. The analyst used the following terms:
Read the comments here and you will get a second confirmation (the first is analysis and indicators), multiple people are stuck above $17,000 and the other is unable to handle a drop. As I said before, more than one person is not prepared for what is coming, and this is bound to happen.
The analyst drew attention to the possibility of $ 45,000
Another analyst, Jason Pizzino, warns that Bitcoin (BTC) is not guaranteed to set a new record as in previous bull cycles. Pizzino explained what it takes for Bitcoin to reach its next all-time high in the next bullish step. He suggests that BTC should reach a valuable Fibonacci retracement level and break above certain resistance levels. However, the crypto analyst and trader says it is impossible to predict a new record for Bitcoin “for now”. The analyst used the following terms:
Could Bitcoin hit all-time highs in the next bull market cycle? Therefore, if we only look at Bitcoin and Bitcoin, not ETH or other cryptocurrencies, we should see Bitcoin rise above $34,500. Why is that? This is the 50% [Fibonacci] level from all-time high to all-time low. And the all-time low for Bitcoin is basically zero. In other words, $ 34,500 must be exceeded.
According to Pizzino, if the flagship crypto asset drops to around $15,000, Bitcoin could rise to $45,000 in the next cycle in the “worst case scenario”. Currently, BTC is trading at $ 16,676.