A crypto trader named Capo, who previously kept some altcoin predictions, issued a warning to its holders as Cardano (ADA) approaches the $1 level. In addition, Capo predicted a “final capitulation” in the crypto markets that would push Bitcoin below $30,000 before the bullish conversion. Now he predicts that BTC is going down directly. Here are the details…
Warning for Cardano from Capo
Earlier cryptocoin.com The trader known as Capo, whose accurate predictions we talked about in this article we prepared, tells his 239,000 Twitter followers that Cardano (ADA) is currently in the middle of a clean triangle formation, which indicates bearish price action in the coming days. He states that ADA has confirmed the bearish triangle.
In addition, the analyst also conveyed his thoughts for Bitcoin. Earlier, Capo thought that Bitcoin would initiate a relief rally in excess of $40,000 before a sizable downside move. But now, the trader says that he has been selling on BTC, which has started a more direct downtrend, currently 85 percent of his portfolio is in USDT. Stating that whales are adding supply and removing positions below the current price, the analyst thinks that BTC now looks like it will go straight down before it reaches $40,000.
Altcoin market weaker than Bitcoin
While many altcoins outperformed Bitcoin during the recent market correction, Capo says the altcoin market overall looks weaker than BTC. Taking a look at Bitcoin dominance comparing the market cap of BTC with the rest of the crypto space, the analyst used the following statements:
Altcoins look even worse than BTC. It wouldn’t surprise me to see a 50 percent drop in altcoins over the next few days, as Bitcoin dominance sets a triple bottom and Altcoins chart wants to retest the low range. Stay safe.
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