Prominent Crypto trader Forecasts Major Declines: Bitcoin (BTC), Ethereum (ETH), and Altcoins at Risk
In a comprehensive statement, renowned crypto trader and bearish analyst, Capo, delivers a cautionary message to his extensive Twitter following of 766,600 users, predicting substantial declines in various cryptocurrencies.
Capo predicts that Bitcoin (BTC) is likely to experience a downward trend, potentially reaching the $12,000 threshold. Similarly, he anticipates Ethereum (ETH) to dip within the range of $500 to $700. However, no specific timeline is provided for these projections.
Despite the recent surge in the crypto market, Capo maintains his bearish stance and further foresees an altcoin capitulation, resulting in a significant devaluation of over 50% for these alternative digital assets.
“The analysis remains unchanged. Prices continue to encounter major resistance, and the suspicious nature of the movements suggests manipulation. A capitulation event remains probable, with primary targets set at $12,000 for BTC and $500-$700 for ETH. On average, altcoins could experience a 60-80% decline.”
Capo highlights the vulnerability of many altcoins, signaling weakness and retracement from the year’s rally, indicating an imminent decline to new lows.
Furthermore, the trader discloses his intent to establish short positions in select cryptocurrencies, including Binance Coin (BNB), Solana (SOL), and Polygon (MATIC), which have recently faced allegations of being securities by the U.S. Securities and Exchange Commission (SEC).
“Several altcoins have already breached the lows observed in 2022, and some are approaching levels reminiscent of the Covid pandemic. Others have retraced a substantial portion of this year’s market recovery and are on the verge of establishing new lows. As a result, I have initiated short positions for the mid-term (with low leverage) and plan to increase my holdings at critical resistance levels and in altcoins I believe are poised for further decline (BNB, TRX, SOL, AAVE, and MATIC). These positions have been profitable, with the exception of TRX.”
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.