Crypto Bear Calls for Massive Drops in Bitcoin (BTC) and Ethereum (ETH) Plus Altcoin Capitulation – Crypto News – Crypto News
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Top Crypto Strategist Predicts Strong Rallies for Bitcoin (BTC) and Ethereum (ETH) – But There's a Catch Top Crypto Strategist Predicts Strong Rallies for Bitcoin (BTC) and Ethereum (ETH) – But There's a Catch

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Crypto Bear Calls for Massive Drops in Bitcoin (BTC) and Ethereum (ETH) Plus Altcoin Capitulation – Crypto News

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2 years ago

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A widely followed crypto trader is issuing a warning to market participants that he expects massive drops ahead for the digital asset.

In a lengthy message, pseudonymous trader and crypto bear Capo tells his 766,600 Twitter followers that he envisions Bitcoin (BTC) to drop toward the $12,000 level and for Ethereum (eth) to dip to somewhere between $500-$700, though no specific timeframe is given.

The strategist, who has remained bearish on crypto assets despite this year’s rally, also says he expects an altcoin capitulation that sees them losing more than half of their value.

“The analysis hasn’t changed. Price is still at major resistance and as said before, the movement looks manipulated. A capitulation event 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 that many altcoins are showing signs of weakness or have already retraced from this year’s rally and are set to hit fresh lows.

The trader says he’s building short positions on a handful of crypto assets, including Binance Coin (bnb), Solana (SOL), and Polygon (Matic), which have all recently been allegedly to be securities by the US Securities and Exchange Commission (SEC).

“Many altcoins have already made a new low below that of 2022 and some are even reaching Covid lows. Others have retraced much of this year’s bear market rally and are about to make new lows.

That’s why I have been building short positions for the mid-term (with low leverage) in which I’m adding size at key resistances and in the altcoins that I think may drop more (BNB, TRX, SOL, AAVE and MATIC). All these positions are in profit except the TRX one.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any 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

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