The leading crypto Bitcoin (BTC) did not see much change over the past weekend. Bitcoin is now consolidating below June lows with higher and lower lows. In this environment, a veteran crypto analyst expects sharp drops for altcoins, which he describes as ‘shitcoin’.
“People are bullish on Bitcoin for no reason”
A crypto analyst, alias Crypto Capo, took to Twitter to discuss what the leading crypto Bitcoin (BTC) has been up to in the past few days. According to the analyst, BTC did not see much change over the past weekend. So things are still pretty bearish for the crypto market leader.
The analyst states that BTC is now consolidating below June lows with higher and lower lows. In addition, the analyst adds that people are bullish on BTC for no reason.
Bitcoin (BTC) 12 hour chart / Source: TradingView“These altcoins will fall pretty hard”
At the end of its post, Crypto Capo predicts sharp drops for some altcoins during the capitulation event. The analyst predicts that the prices of these altcoins will likely drop by up to 40%, or even 50%. He also states that ‘shitcoins’ are likely to see even greater drops in their price.
Bitcoin (BTC) 1-day chart / Source: CoinMarketCapAccording to crypto market monitoring site CoinMarketCap, BTC is currently trading at $16,559 after a price increase of 0.35% in the last 24 hours. BTC also bottomed out at $16,416.23 and peaked at $16,642.21 in the same time frame. The crypto king is also up about 0.15% in the last seven days. Also in green, the 24-hour trading volume of BTC has increased by more than 9% compared to the last day. It is currently located at $19,464,556,642. However, BTC has also weakened by about 0.30% against its biggest rival in the market, Ethereum (ETH).
Analyst’s accurate predictions
As Cryptokoin.com reported, Crypto Capo has managed to gain a foothold with its accurate predictions in the crypto money market. That’s why he has a large following. Crypto Capo stood out for correctly predicting the crypto market crash in June this year. Especially after the last bear market crash, crypto investors and traders are following the analyst’s forecasts closely. Crypto Capo has successfully predicted that Bitcoin will drop to $50,000 in 2021. In addition, the analyst correctly predicted the $ 3,500 journey of BTC about three years ago.
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