Top crypto analyst issues warnings for Bitcoin, Chainlink and The Sandbox – here are his goals
A popular analyst is bearish on the development of the broader crypto market and three digital assets in particular.
Starting with Bitcoin (BTC), pseudonymous crypto analyst Capo tells his 258,900 Twitter followers that he expects the flagship cryptocurrency to decline 50% from current levels.
Capo also says that altcoin prices will fall drastically as the total cryptocurrency market cap loses more than half of its value.
“I expect 50-70% retracement in the overall market (50% for BTC, 60-70% for altcoins).”
Source: CryptoCapo_/Twitter
Bitcoin is trading at $42,479 at the time of writing. A 50% drop for bitcoin would result in a drop to a price around $21,000. The total crypto market cap is just over $2 trillion at the time of writing.
Capo had said earlier this week that Bitcoin was likely to fall below $30,000. Capo also said Bitcoin’s recovery from below $39,000 earlier in the week was a dead stone’s throw, warning of “getting caught above $40,000.”
Next is Chainlink (LINK), a decentralized oracle network that allows blockchains to receive off-chain data.
Capo says his main target for LINK is between $5 and $5.50, over 60% below the current price.
“SHORTCUT
Main goal: $5.00-5.50.”
Chainlink is trading at $14.25 at the time of writing.
The native token of blockchain-based virtual game world The Sandbox (SAND) is the third crypto asset Capo is pessimistic about.
Capo says that SAND is showing a descending triangular bearish pattern similar to what Bitcoin showed in 2018.
According to the crypto analyst, SAND could fall more than 60% from the current price.
“SAND
Clear descending triangle similar to BTC in 2018 with the 6k support.
Main goal: $0.95-1.00.”
SAND is trading at $2.90 at the time of writing.
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