The cryptocurrency market faced a massive depreciation in 2022. Some analysts correctly predicted that the market would decline. Crypto Capo is one of them. Accurately predicting the big market crash in 2022, the analyst now cites his prospects for other altcoin projects. Here are the details…
Crypto Capo warns altcoin investors
Capo, who has close to 600 thousand followers on Twitter, touched on the current state of the crypto money markets. He explained that the market is likely to form a “classic bull trap.” According to Capo, most traders will be caught off guard for a major correction after the recent price increase. For example, Bitcoin, which approached $ 21,000 yesterday, is currently changing hands at $ 19,700, although it has lost $ 20,000.
Capo also draws attention to an altcoin that has been on the agenda recently. According to the analyst, many traders are bullish on Solana, especially after Google Cloud’s decision to become a validator. However, Capo believes that the smart contract platform will break the bullish trend support around $30. Therefore, Solana expects a significant disadvantage in its price. The analyst points to a drop of almost 40 percent with its target price in SOL. The analyst uses the following statements:
LEFT. Main target: $17-19.
Capo drops in FTT as well
Capo said that FTX Token (FTT), which has experienced a surprise rally of 15 percent from the $22 range to $25 over the weekend, is bearish. He called the FTT pump in question “one of the biggest bull traps I’ve ever seen.” He pointed to the possibility of FTT falling below $10. According to Capo, FTT won’t see any meaningful demand until it hits $8.50, a difference of more than 60 percent from current prices.
FTT has indeed fallen. But not because of technical developments, as Capo pointed out, but because of the statements of Binance CEO Changpeng Zhao. cryptocoin.com As we have also reported, Binance CEO announced his decision to sell the $500 million FTX Token they hold. After that, the value of FTX dropped from $ 23 to $ 15.
Analyst’s Bitcoin comment and previous predictions
Finally, the popular analyst says that looking at Bitcoin (BTC), the coin is in the process of forming a top potentially near the $21,500 level before seeing another big drop. It signals the arrival of bearish signs in BTC. Therefore, the analyst gave his followers a “stay safe” message.
As it is known, Capo came to the fore especially when he correctly predicted the crypto currency collapse in the middle of this year. The analyst pointed to the possibility of BTC retracement to $17,000. The biggest cryptocurrency had indeed regressed to these levels. In addition, the expert correctly predicted that BTC will drop to $ 50,000 in 2021. Other than that, about two and a half years ago, he made an accurate prediction, pointing to $3,500 in BTC.
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