The Crypto Analyst Who Predicted Bitcoin’s May 2022 Collapse Troubles Warning Say Altcoin Here’s His Outlook

The crypto analyst who correctly called Bitcoin (BTC)’s collapse this year is now issuing a warning to investors about an impending altcoin implosion.

Pseudonymous trader Capo tells his 694,900 Twitter followers that while financial markets may look bad, conditions look even worse for altcoins.

The whole market looks bad

The thing is, some altcoins look even worse. If altcoins were to dump 50%-55% on average from here, pure shitcoins could easily dump 60%-90%. Stay safe.

Capo recently predicted new lows in the bear market for the crypto king and Ethereum (ETH), the largest altcoin by market capitalization. According to the strategist, BTC may drop as low as $12,000 while the leading smart contract platform could drop to $600-$650.

Remember:

The trend is still bearish.

Indicators point to a full surrender event.

The bad news should be soon. BTC $12,000 ETH $600 to $650.

At the time of writing, Ethereum is changing hands at $1,200.

Previously, Capo also said that while Bitcoin bulls may have triggered a rally from the current bear market low of around $15,700, the rebound is significantly smaller than those seen during Bitcoin’s upward rallies. in June.

Each bounce is smaller. Lower lows and lower highs. Support becomes resistance. $12,000 is like a magnet.

The trader noted at the time that most Bitcoin holders are underwater and ill-prepared for the future.

Just read the comments here and you’ll get a second confirmation (first is analysis and indicators) that most people are trapped above $17,000 or more and couldn’t take another drop. Like I said before, most people are unprepared for what’s to come and it shows.

Bitcoin is valued at $16,625 at the time of writing, a fractional gain on the day.

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