The crypto analyst known for accurately labeling the last major market meltdown is issuing another set of warnings, including one regarding an Ethereum (ETH) based on altcoin.
The pseudonymous trader known as Capo told his 690,000 Twitter followers in May that Waves could be the “next LUNA”, the native token of the Terra ecosystem that zeroed in the same month.
Now Capo says his to telephone on WAVES could materialize and that the recent downward movement of the altcoin could only be just beginning.
“Just the beginning.”
Capo is short to medium term bearish on crypto in general, and expects another big haircut for altcoins before the bear market finds a bottom.
“Altcoins seem to be able to dump 50-80% easily. Remember there will always be a trigger (expect bad news soon), but the charts always speak first.
Looking at Bitcoin (BTC), Capo predicts a drop to around $12,000, around 30% below current prices.
As for Ethereum, Capo says the current price action is typically bearish and appears to believe that ETH is about to fall to its next support level at $1070.
However, the popular trader and analyst has already called for Ethereum to fall as low as $600, possibly triggered by some type of bad news.
“The trend is still bearish. Indicators point to a full surrender event. The bad news should be soon. ETH $600-$650. Altcoins 50%-70% potential downside (even more s**tcoins). Stay safe, things could get very ugly.
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