A widely followed analyst is pessimistic about the trajectory of the Bitcoin and altcoin market, and the two altcoin projects in particular. Here are the comments of the famous analyst Capo …
Bitcoin comment from Capo: 50 percent retreat!
As we have reported as Kriptokoin.com, Capo, who has kept various predictions before, tells his 258,900 Twitter followers, starting with Bitcoin (BTC), that he expects the largest crypto currency to withdraw by 50 percent from current levels. Capo also says that altcoin prices will drop drastically as the total cryptocurrency has lost more than half of its market cap value. “I expect 50-70 percent pullback in the entire market (50 percent for BTC, 60-70 percent for altcoins),” the analyst said.
Bitcoin is trading at around $39,000 at the time of writing. A 50 percent drop for Bitcoin suggests a pullback to a price of just under $20,000. The total crypto market cap is just over $2 trillion at the time of writing. Capo said earlier this week that Bitcoin will likely fall below $30,000. Capo also said that Bitcoin’s recovery from below $39,000 earlier in the week was a dead cat bounce, warning of “trapping above $40,000”.
LINK and SAND also foresee a pullback
Next up, Chainlink (LINK), a decentralized oracle network that allows blockchains to obtain off-chain data. Capo says his main target for LINK is between $5 and $5.50, which is 60 percent lower than the current price. Chainlink is changing hands at $13.45, down 2.7 percent at the time of writing.
The native token of the blockchain-based metaverse world, The Sandbox (SAND), has also become the third cryptocurrency in which Capo is in a bearish trend. Capo says that SAND exhibits a descending triangle bearish pattern similar to what Bitcoin showed in 2018. According to the crypto analyst, SAND could drop more than 60 percent from the current price. The analyst uses the following expressions:
SAND: With 6,000 support, it is clearing the descending triangle similar to BTC in 2018. Main target: $0.95-1.00.
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