The widely followed crypto analyst who nailed this year’s Bitcoin (BTC) collapse says the king crypto is likely on its way to new bear market lows.
The pseudonymous analyst Capo tells his 665,000 Twitter followers that he believes rallies in the crypto markets are meant to trap bulls.
“What I see:
-Technicals looking bad ([BTC] price below June’s low, indicators bearish, funding reset…)
-Same bull traps as always, but even weaker. People falling for them.
-Comments like ‘You are going to miss the train.’ Really?
This is not over. Final capitulation is likely.”
Looking at Bitcoin, Capo believes that a drop to lower levels will happen in the near-term.
“Good morning! BTC to $12,000-$14,000 is a matter of time. Altcoins much lower (40%-50% drop on average).”
The crypto strategist also shares that chart that supports his bearish thesis, showing that BTC has flipped support at $17,600 into resistance.
“A chart is worth a thousand words.”
Based on Capo’s chart, he predicts Bitcoin would ignite a steep recovery after hitting his capitulation target between $12,000 and $14,000. At time of writing, Bitcoin is changing hands for $16,654, down 1.41% on the day.
Shifting his focus to smart contract protocol Cardano (ADA), Capo sets a price target in the range between $0.16 and $0.20 for the Ethereum (ETH) rival.
At time of writing, ADA is trading hands at $0.324, suggesting an over 50% downside potential for Cardano.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jorm S
This news is republished from another source. You can check the original article here