An analyst famed as the altcoin oracle updates his Bitcoin and Ethereum outlook. Accordingly, the bull warns that there is zero reason for filp (return). However, he expects an altcoin project to make a splash.
Crypto Capo: There is zero reason to be bullish on the market
Analyst alias Crypto Capo shares his views on the current crash of the cryptocurrency market. The analyst is giving Bitcoin (BTC) bulls a new warning that the bears are in control.
Crypto Capo warns his 374,000 followers that there is ‘zero reason’ to be a crypto bull right now. The analyst is known for his successful forecasts. You can take a look at Crypto Capo’s accurate predictions from this article of Kriptokoin.com. The analyst uses the following statements:
Literally 0 reasons to be bullish here. Altcoins really seem to want to drop another 30-40%.
Bitcoin will follow SPX
Capo then looks at the S&P 500 (SPX) to predict Bitcoin (BTC)’s next moves. Thinking that there is a correlation between the two, the analyst determines the direction based on this. Capo expects Bitcoin to follow as SPX hits a new low. In this context, he says:
SPX is the new low. BTC should be next.
Source: CryptoCapo / Twitter Bitcoin is trading at $20.960 at the time of writing, down 5.25% in the last 24 hours. The leading crypto has lost more than 30% in the past 7 days. Bitcoin is currently about 70% off the $69K ATH level.
Analyst predicts leading altcoin to drop further
Analyst then looks at Ethereum (ETH), the second largest cryptocurrency by market cap. Capo covers how Ethereum trades against Bitcoin (ETH/BTC). In this context, even if the value of BTC falls, he expects ETH to fall even more.
ETH/BTC. The parabola is broken and the dispersion range is confirmed even by testing the low range as resistance. In the short term, I expect 0.0445-0.046 ($933-965).
Source: CryptoCapo / Twitter Ethereum was trading at $1,100 at the time of writing, down 8.38% on the day. The leading altcoin is currently about 80% below the $4.9K ATH level.
Capo expects a bounce in SAND as Bitcoin and altcoins drop
Capo expects altcoin markets to crash by up to 40% soon. However, he thinks the decentralized gaming platform The Sandbox (SAND) will experience a brief recovery before then.
SAND. Main support: $0.50-0.60. I expect a bounce from there.
Source: CryptoCapo / Twitter Meanwhile, Sandbox was trading at $0.456, down 6.33% in the last 24 hours at the time of writing.
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