The pseudonymous analyst known as Capo tells his 618,400 Twitter followers that Bitcoin has lost key support and predicts that the price may drop significantly.
Capo’s prediction comes as Bitcoin’s price began to plummet in an apparent reaction to the developments around the fallout from the collapse of Sam Bankman-Fried’s giant crypto exchange FTX.
“Key support has been broken and yet you see people bullish. $14,000 is like a magnet.”
He later modified his Bitcoin price estimate by putting it as low as $13,000, arguing that investors have given up trying to make up for lost gains.
“Potential targets for a local bottom after capitulation event: Bitcoin $13,000-$14,000.”
Capo also says,
“Indicators show that the capitulation event is already happening. Expecting last 15% drop on BTC and 30%-40% on altcoins. Then the local bottom is in. Probably this week.”
He warns of a “last nuke incoming.”
At time of writing, Bitcoin is trading hands at $16,303.
Setting his sights on Ethereum, Capo predicts a decline to the $700 to $750 range for the smart contract platform. At time of writing, ETH is trading hands at $1,130.
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