A crypto analyst with 2022 Bitcoin predictions shared his price targets for Cardano and Bitcoin. The price forecast comes at a time when the FTX crisis has cooled on critical supports.
Accurate analyst updates Bitcoin and Cardano forecasts
The Twitter analyst nicknamed Capo correctly predicted the collapse of Bitcoin (BTC) this year this year. In his current analysis, he says the leading crypto is most likely headed for new bear market dips. According to Capo, the purpose of rallies in the cryptocurrency markets is to outwit the bulls. The analyst says the following about this in his current tweets:
Techniques look bad. BTC price below June low, indicators bearish, funding reset… Same bull traps as always but getting weaker. It’s not over yet, we may see another drop.
Capo predicts a short-term drop to lower lows in relation to Bitcoin. Accurate analyst says Bitcoin will eventually fall to the 12,000-14,000 region. Meanwhile, the altcoin market will depreciate between 40-50%. The chart presented by the crypto analyst supports his thesis on the market. Technical analysis shows how BTC changed from support to resistance at $17,600.
Capo says that Bitcoin will experience a steep recovery once it reaches its capitulation target of $12,000 to $14,000. The analyst bases his expectations on Bitcoin’s historical support levels. BTC is currently trading around $16,600, down slightly from the last 24 hours. cryptocoin.comAs you follow, Morgan Stanley analysts lowered their new estimates below $13,000.
Capo also follows Cardano closely
After Bitcoin, Capo turns his attention to Cardano (ADA). It sets a price target for ADA between $0.16 and $0.20.
ADA is currently trading at $0.3259. Following the FTX news, Cardano’s price was on the verge of a positive breakout for a short while. Like most altcoins in the market, it has experienced big drops. It tested the bottom price levels of around $0.31. If buyers can hold the price steady for a few days, ADA’s initial target will be $0.4400.
Cardano falls short of expectations in network development activity
In the news feed, founder Charles Hoskinson once again targeted critics who continue to voice their concerns about the ecosystem’s development. Cardano CEO responded to a tweet criticizing him for making unfulfilled promises.
However, unlike other projects, Cardano’s average value this year was lower than its lowest point cost of $1 in the summer of 2021. Cardano’s price also supports the strong performance in the NFT market. Finally, according to OpencNFT statistics, the volume of NFTs has been trending significantly upwards over the past few months.
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