The analyst, who accurately predicted the 2022 Bitcoin and crypto collapse, shared his new predictions to his 417,000 Twitter followers. Altcoin oracle is now predicting big altcoin haircut to investors.
Capo predicts up to 50% drop in altcoins
A popular crypto analyst nicknamed Crypto Capo, who accurately described the current market crash, shared his new predictions. It is also called the Altcoin Oracle thanks to its Capo success predictions. It is possible to take a look at the analyst’s accurate predictions from this article of Kriptokoin.com. The analyst says that the altcoin market still has a lot more bearish than traders think.
Currently, most altcoin projects are standing well below their all-time highs. Despite that, Capo says a big haircut is just around the corner. The analyst uses the following statements:
We expect a 45-50% drop in altcoin projects from current prices.
Analyst looks at Bitcoin dominance
Supporting his thesis, Capo looks at Bitcoin dominance comparing the market cap of BTC with the rest of the crypto market. Traditionally, a growing Bitcoin dominance indicates that traders are fleeing altcoins to a less risky BTC allocation. According to Capo, Bitcoin dominance is poised for a surge that will see altcoins die. The analyst makes the following statement:
“TC.D update. Same idea, diagonal expansion for wave C. Altcoins should drop more than BTC.
Source: Capo / TwitterCapo gives bearish target for Ethereum
The popular analyst is also looking at the market’s largest altcoin, Ethereum (ETH). Capo has a downside target in mind. According to the analyst, ETH is heading towards levels not seen since late 2020. Capo says:
ETH: Dropping volume to resistance and looks like a corrective move. Next support: $700-800.
Source: Capo / Twitter“Bitcoin on the verge of falling to local bottoms”
Meanwhile, Capo is also looking at Bitcoin. The analyst says that buyers who were supposed to bring support to BTC are no longer left out of nowhere. Capo explains his views as follows:
Bids holding the price were withdrawn. The bulls were either scared or they weren’t really there. It’s just that the whales push the price up to sell higher. Get ready.
Capo says BTC is on the verge of hitting new local lows one last time before reversing. According to the crypto analyst’s chart, there is a downside target of around $16,000, or about a 20% drop in BTC. The analyst uses the following statements:
BTC: Break of the lower dark zone = bearish confirmation = new lows.
Source: Capo / TwitterAt press time, Bitcoin was trading at $20.153, down 0.61% on the day.
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