Crypto Bear is calling for massive Bitcoin (BTC) and Ethereum (ETH) dips and altcoin capitulation
A widely-regarded crypto trader is warning market participants that he anticipates massive falls in digital assets.
In a lengthy message, pseudonymous trader and crypto bear Capo tells his 766,600 Twitter followers that he anticipates Bitcoin (BTC) falling towards $12,000 and Ethereum (ETH) falling to anywhere between 500 and $700, although no specific timeframe is given.
The strategist, who remains bearish on crypto assets despite this year’s rally, also says he expects altcoins to capitulate, losing more than half their value.
“Nothing has changed in the analysis. The price is still at a major resistance and as mentioned earlier the movement looks manipulated. A capitulation is still likely and the main targets remain $12,000 for BTC and $500-$700 for ETH.
Altcoins would drop 60-80% on average.”
Capo says many altcoins are showing signs of weakness or have already recovered from this year’s rally and are set to make new lows.
The trader says he is shorting a handful of crypto assets including Binance Coin (BNB), Solana (SOL) and Polygon (MATIC), all of which were recently classified by the US Securities and Exchange Commission (SEC) as securities were classified ).
“Many altcoins have already made new lows below 2022 and some are even making Covid lows. Others have retraced much of this year’s bear market rally and are on the verge of new lows.
For this reason, I have established medium-term short positions (with low leverage), where I add size at key resistances and on the altcoins that I think could fall more (BNB, TRX, SOL, AAVE, and MATIC). All of these positions except the TRX position are generating profits.”
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check out the latest headlines
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Zaleman
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.