A popular crypto analyst, Capo of Crypto, is sounding the alarm about a potential market crash. He believes the current Bitcoin price rally is a temporary blip and predicts a significant downturn.
Bitcoin’s Price Plunge?
Capo forecasts a Bitcoin price drop below $100,000. He thinks this psychological barrier breaking will trigger further selling, pushing the price down to the $92,000-$93,000 range. He doesn’t stop there, though. If that support level fails, he sees Bitcoin potentially plummeting to $60,000-$70,000. This is based on his prediction of an upcoming “capitulation event”—a market panic that leads to widespread selling and deeper price drops, similar to the FTX crash.
Altcoins: An Even Bigger Hit
Capo’s prediction is even more dire for altcoins. Historically, a 10% Bitcoin drop often translates to a 20-30% drop in altcoin prices. With a potential 50% Bitcoin crash on the horizon, altcoins could face a catastrophic 50-80% decline. This could send the altcoin market to lows unseen in five years, making it potentially the worst bear market in recent memory.
A History of Bearish Predictions
This isn’t Capo’s first bearish prediction. Back in May, when Bitcoin was at its peak, he warned of a potential market reversal, even posting a picture of a Black Swan (a symbol of highly improbable but impactful events). Since then, many altcoins have lost their gains, while Bitcoin has held onto most of its value.
