Cryptocurrency analyst Crypto Capo, who accurately predicted the Bitcoin and altcoin collapses that took place this year, conveyed his new comments. The analyst specifically warned about new price drops this time around. Here are the details…
Crypto Capo points to the possibility of a bearish in the overall cryptocurrency market
Correctly speaking of this year’s crypto market crash, the crypto analyst is warning of new price drops for crypto assets this month. The trader, known as Crypto Capo, tells his 573,000 Twitter followers that several market conditions point to price drops for Bitcoin (BTC), Ethereum (ETH) and other altcoins in November. He states that the US dollar index (DXY) is bullish. He says the S&P 500 (SPX) is meeting resistance, both of which are key signals of a crypto bear market. He also claims that altcoins have been experiencing artificial price spikes lately. The analyst used the following statements:
Market update. DXY is on the rise. SPX is at key resistance and showing bearish signs. BTC and ETH are forming a top. Most altcoins have scam pumps (some still might). Protect your profit. There may be new decreases in November.
Capo reveals key levels for Bitcoin
Looking at Bitcoin, Capo predicts a return to the $20,000 support and resistance price level before dropping to $14,000 this month. He says the drop could come after Bitcoin hits a high of $21,000 this month. The analyst states that the last chance to catch long positions is $21,000. On the other hand, he states that in case of a bearish confirmation, that is, in case of a decline in the market, the main target is $14,000.
Capo then predicts that ETH will drop from around $1,600 to the $700 to $800 price range. Currently, Ethereum is changing hands at $1,577. Looking at Capo’s Shitcoin Index Perpetual Futures chart, he estimates that the index catch could drop from the current index price of $2,344 to about $2,150.
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