One analyst, who is widely followed by the crypto community, made a rather pessimistic forecast regarding the trajectory of the broader crypto market and the future of three digital assets in particular.
Crypto analyst using the nickname Capo Bitcoin (BTC) He started with the coin and told his 258,900 Twitter followers that he expects the flagship cryptocurrency to experience a 50 percent pullback from current levels. told.
Capo also claims that altcoin prices will drop drastically as the overall valuation of the cryptocurrency market will also lose more than half of its value.
“I expect 50-70 percent pullback in the entire market (50 percent for BTC and 60-70 percent for altcoins).”
At the time the analyst published his forecast, Bitcoin was trading at $ 42,479. As Capo said, if there is a 50 percent drop in Bitcoin, the largest cryptocurrency can pull back to a price of around $ 21,000. The total crypto market cap is just over $2 trillion at the time of writing.
Capo said earlier this week that Bitcoin will likely fall below $30,000. Capo also said that Bitcoin’s recovery from below $39,000 at the beginning of the week is a sign. Dead Cat Bounce and warned against “trapping over $40,000.”
The analyst is particularly pessimistic about these 2 altcoins.
chainlink
Next on the analyst’s alert list is a decentralized oracle network that allows blockchains to obtain off-chain data. Chainlink (LINK) exists.
Capo says his main target for LINK is the $5 to $5.50 range, which is 60 percent lower than the current price.
“Chainlink. Main target: $5.00-5.50.”
Chainlink is trading at $14 at the time of writing.
The Sandbox
A blockchain-based virtual game world The Sandbox (SAND) da Capo is among the cryptocurrencies in which it is in a downward trend.
Capo says that SAND is exhibiting a descending triangle, a downtrend similar to what Bitcoin showed in 2018.
According to the crypto analyst, SAND could drop by more than 60 percent from its current price.
“SAND. It is a clear descending triangle similar to what BTC exhibited in 2018 with 6k support.
Main target: $0.95-1.00.”
SAND was trading at $2.90 at the time of writing.
You can check the price movements 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.