A crypto analyst known for accurately calling the last major market crash has issued another set of warnings, including one on Ethereum (ethereum) based altcoins.
A pseudonymous trader known as Capo told his 690,000 Twitter followers in May: wave It could be the ‘next LUNA’, the native token of the Terra ecosystem that went to zero in the same month.
now the capo is his phone on WAVES could bear fruit and the recent decline in altcoins could be just beginning.
“Just the beginning.”
Capo is bearish on cryptocurrencies in general in the short to medium term and expects altcoins to fall sharply again before the bear market bottoms out.
“Altcoins look like they can easily ditch 50-80%. Remember there are always triggers (expect bad news soon) but charts always speak first .
Take care. “
Looking at Bitcoin (Bitcoin), Capo is forecasting a drop to about $12,000, which is about 30% below current prices.
As for Ethereum, Capo seems to believe that the current price action is typical bearishness and that Ethereum is about to drop to the next support level of $1,070.
However, popular traders and analysts have previously called Possibly some bad news could trigger a drop to $600.
“Trend remains bearish. Indicator points to full surrender event. Bad news should come soon. ETH $600-$650. Altcoins 50%-70% potential drop (s**tcoins more) Stay safe, things can get really ugly.”
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Featured image: Shutterstock/Andy Chipus/LongQuattro/bluefish_ds