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A widely followed cryptocurrency analyst and trader is expressing bearish sentiment on Bitcoin (BTC<\/a>) following a market correction that coincided with Binance and its former CEO Changpeng Zhao pleading guilty to US federal charges.<\/p>\n The analyst pseudonymously known as Capo tells<\/a> his 764,900 followers on the X social media platform that the \u201cbeginning of the end\u201d is here.<\/p>\n According to Capo, a looming \u201cmassive capitulation event\u201d will precede<\/a> the end of the crypto bear market.<\/p>\n In reply to a follower who asks whether Bitcoin is heading to $12,000, the pseudonymous analyst says<\/a> that the prospect is \u201cstill likely\u201d and that a crash to a price last witnessed in October of 2020 would mark the bottom.<\/p>\n Bitcoin is trading at $37,369 at time of writing, up from its one-week low of $35,632.<\/p>\n Turning to altcoins, Capo says<\/a> that they could correct more drastically than Bitcoin if BTC falls to his price target of $12,000. According to Capo, some altcoins are already showing signs of reaching a market top.<\/p>\n \u201cSentiment right now is extremely bullish\u2026<\/i><\/p>\n This sentiment and the price action don\u2019t correspond to the current macro state (forming a divergence) and most charts look overextended and with declining volume. They are prolonging this run as much as possible, but the longer the artificial run\u2026\u201d<\/i><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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