Correctly predicting the current collapse of the leading cryptocurrency, the pseudonymous analyst has issued a new warning to Bitcoin bulls that BTC is under the control of bears.
Crypto Capo currently has 374,000 followers with “zero reason” to be a crypto bull. told.
“There are literally 0 reasons to be bulls here. It seems like altcoins really want to drop another 30-40%.”
Capo then also studied the S&P 500 (SPX) to predict BTC’s next moves. Once SPX hits a new low, the trader expects Bitcoin to follow suit.
“SPX is the new bottom. BTC should be next.”
The analyst then evaluated the situation of Ethereum (ETH), the second largest cryptocurrency by market capitalization, against Bitcoin (ETH/BTC). He expects ETH to drop further even if the value of BTC drops.
The parabola breakout and dispersion range were even confirmed by testing the range bottom as resistance. 0.0445-0.046 in the short term [933-965 dolar] I am waiting.”
While Capo expects altcoin markets to crash by up to 40% soon, he thinks decentralized gaming platform The Sandbox (SAND) will experience a brief recovery before the drop.
Main support: $0.50-0.60 I expect a bounce from there.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.