Top trader Capo warns against Bitcoin (BTC) and altcoins as crypto markets suffer price decline
A popular crypto strategist and trader believes Bitcoin (BTC) and the altcoin markets are poised for a massive correction.
Pseudonymous crypto analyst Capo tells his 266,300 Twitter followers that Bitcoin’s “main target” is between $21,000 and $23,000.
Source: Capo/Twitter
Bitcoin is trading at $36,117.66 as of this writing, down more than 6.5% over the past week.
Capo also believes that altcoins could be on the verge of a major downside break.
“The altcoins index is about to break the main support. The next support is 50% lower. Real surrender below that level.”
The pseudonymous crypto analyst also says Ethereum (ETH) will not be spared from its predicted corrective move.
“ETH’s main target is $1,100-$1,300, and that’s 50%, not 70%.”
At the time of writing, Ethereum was changing hands at $2,688, down 2.41% over the past day.
The trader predicts similar losses for SAND, the native token for blockchain-based virtual game world The Sandbox. Capo thinks The Sandbox will drop into the $0.95 to $1.00 range after the bears conquer a crucial area of support.
“SAND.”
SAND, the 44th crypto asset by market cap, is trading at $2.07 at the time of writing, down more than 10% over the past week. A move to Capo’s bearish target of $0.95 means over 50% downside potential for SAND.
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