Capo, a leading crypto analyst, and strategist who accurately predicted BTC’s price crash earlier this year, is issuing another warning that altcoin is liable for implosion. He announced to his 694,900 followers on Twitter that although the market is doing poorly at the moment, the situation may worsen, especially for altcoins.
In his words, “The whole financial market is doing poorly. More importantly, the altcoins’ case looks worse. If any altcoin probably dumps about 50 to 55% from now, shitcoins can dump 60 to 90% easily. Be safe”
Capo previously foresaw a new low value for the leading crypto BTC and ETH. According to Capo, BTC can go low to $12,000 while ETH can nosedive to about $600 to $650.
Many BTC Holders Are Unprepared For The Future
Capo said, “remember that the trend of the market is bearish. The current situation is signaling that there will be a maximum capitulation event. You should expect to hear bad news soon. Bitcoin will likely drop to $12,000 and Ethereum to $600 to $650.”
In the past, Capo cautioned that although BTC might have rallied briefly despite the present market downturn at about $15,700, the bounce will be relatively lower than during BTC’s long rally in June. “Each bounce gets smaller. The lows and highs are lower. Support is becoming resistance. Thus, the $12,000 value of BTC is close.”
Capo further points out that BTC holders are unprepared for what is about to happen. He said, “Scan through the comment section, and you will witness another confirmation (the first signal was Capo’s analysis) that most people are stuck on $17,000 or even higher and can’t take another dip. This shows what I said earlier. Most are not prepared for the future.”
Currently, BTC is exchanging hands at $16,470 and is down by 1% in the last 24 hours, according to current Coingecko data.
Capo’s Previous Warning On Ethereum, And Bitcoin
Capo had earlier warned about the crypto collapse in 2022. Then, he issued a warning concerning a bull trap following the release of the CPI (consumer price index) data.
At the time, Capo informed his Twitter followers that although BTC is rallying based on the CPI data, it’s still meeting significant resistance at $17,800. Even though the CPI data beat the expectations of many, Capo says that the number is relatively high, and BTC is likely to stay within the $18,000 range.
The CPI data released in November has a 7.1% increase over the previous year and an increase of 0.1 % compared to the month before.
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