The much-followed crypto analyst who pinpointed this year’s Bitcoin (BTC) collapse says crypto king is likely heading for new lows in the bear market.
The pseudonymous analyst Capo tells his 665,000 Twitter followers that he believes rallies in the crypto markets are meant to catch bulls.
“What I see:
-Technique looks bad ([BTC] price below June low, indicators bearish, funding reset…)
-Same bull traps as always, but even weaker. People fall for them.
-Reactions like “You’re going to miss the train.” Really?
This isn’t over yet. Final capitulation is likely.”
Looking at Bitcoin, Capo believes that there will be a decline to lower levels in the short term.
“Good morning! BTC to $12,000-$14,000 is a matter of time. Altcoins much lower (averaging 40%-50% drop).”
The crypto strategist also shares that chart supporting his bearish position showing that BTC has turned the USD 17,600 support into resistance.
“A graph is worth a thousand words.”
Based on Capo’s chart, he predicts that Bitcoin would initiate a strong recovery after hitting its capitulation target between $12,000 and $14,000. At the time of writing, Bitcoin is changing hands at $16,654, down 1.41% on the day.
Shifting its focus to smart contract protocol Cardano (ADA), Capo set a price target in the range between $0.16 and $0.20 for its Ethereum (ETH) rival.
At the time of writing, ADA hands are trading at $0.324, indicating over 50% downside potential for Cardano.
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Featured image: Shutterstock/Jorm S