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Crypto analysts who rightly called this year’s Bitcoin (BTC) collapse are warning investors about the impending altcoin collapse.
Kana Merchant Capo To tell His 694,900 Twitter followers may make financial markets look bad, but the altcoin situation looks even worse.
“The whole market looks bad…
The problem is that some altcoins look even worse. If altcoins fall 50%-55% on average from here, pure shitcoins could fall 60%-90%. Take care. ”
Capo recently predicted new bear market lows for both King crypto and the largest altcoin by market cap, Ethereum (ETH). According to strategists, BTC could plunge to $12,000 while major Smart He contract platforms could plummet to $600-650.
“Remember:
The trend remains bearish.
The indicator points to a full surrender event.
Bad news should come soon. BTC $12,000 ETH $600-$650.
At the time of writing, Ethereum is trading at $1,200.
Previously, Capo said that bitcoin bulls may have ignited a rally from the current bear market low of around $15,700, but that rebound was seen during Bitcoin’s rally rally in June. He said it was significantly smaller than what was reported.
“Every bounce is small. Lower the lows, lower the highs. Support becomes resistance. $12,000 is like a magnet.”
Traders noted at the time that most Bitcoin holders were underwater and unprepared for the future.
“Just reading the comments here gives me a second confirmation (the first one being the analysis and metrics) that most people are trapped above $17k and can’t drop more. As I said, most people are unprepared for what is to come.
Bitcoin is valued at $16,625 at the time of writing, a small profit for the day.
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