Correctly predicting the previous market crash, the crypto trader thinks the current price drop is “far from over.”
The pseudonymous analyst known as Capo has his 604,900 Twitter followers on the news that the next drop for the crypto market is “coming”. warned.
capo, bitcoin(BTC) could drop as low as a local low of $14,000 before recovering prediction is doing.
BTC is trading at $18,222 at the time of writing. The top-ranked crypto asset by market cap has lost nearly 8% in the past 24 hours.
Capo also said that altcoins will drop another 35-40%. prediction is doing.
Ethereum (ETH) At the time of writing, it is trading at $1,266. The second-ranked crypto-asset by market cap has dropped by nearly 14% in the last 24 hours.
Digital assets plunged on Tuesday following the dramatic collapse of embattled exchange FTX’s native FTX Token (FTT). Binance CEO Changpeng Zhao announced yesterday that his exchange plans to acquire FTX until a full due diligence analysis of the business. But that didn’t stop the FTT collapse from stopping.
FTT’s price drop came after concerns arose that FTX’s trading arm, Alameda Research, was too dependent on the token as collateral for loans.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.