The pseudonymous analyst known as Capo recount its 618,400 Twitter followers that Bitcoin lost key support and predicted that the price could drop significantly.
Capo’s prediction comes as Bitcoin’s price began to fall in an apparent reaction to developments around the fallout from the collapse from giant crypto exchange FTX by Sam Bankman-Fried.
“Key support has been broken and yet you see optimistic people. $14,000 is like a magnet.
he later amended his estimate of Bitcoin’s price by putting it as low as $13,000, arguing that investors have given up trying to make up for lost gains.
“Potential targets for a local bottom after the sellout event: Bitcoin $13,000-$14,000.”
capo too said,
“The indicators show that the event of surrender is already happening. Expect a final drop of 15% on BTC and 30%-40% on altcoins. Then the local background is there. Probably this week.
He warns of a “last incoming nuke.”
At the time of writing, Bitcoin is trading at $16,303.
Setting his sights on Ethereum, Capo predicts a drop in the $700-$750 range for the smart contract platform. At the time of writing, ETH is trading at $1,130.