Certainly, the year 2022 was that of the realization of major projects in the Fintech sector. But, it was also an unfortunate time for many investors, with prices crashing in the cryptocurrency market. There have also been many hacks of crypto platforms. Currently, traders are trying to remain hopeful by imagining that this end of the year will give way to an uptrend. But, a famous crypto analyst, who predicted the crash of 2022, warns of a continuation of the bear market.
Another Spectacular Crypto Price Crash?
Cryptocurrency analyst Capo has once again alerted his Twitter followers to a price crash in the markets. He has Explain that the current conditions in the crypto market indicate that there will be a crash this month. According to the trader, the bear market will continue for bitcoin (BTC), ether (ETH) and other altcoins.
Capo highlighted the fact that the DXY, which is the US dollar index, is showing an upward trend. He also talked about a key resistance in the S&P 500 (SPX) that portends a downtrend. According to the analyst, these two signals indicate a bearish trend in the crypto market.
Furthermore, the trader said that altcoins have been affected by scams lately. “Most altcoins have been scammed (some might still be). Protect your profits. New lows are likely in November“, he explained.
A rise followed by a sharp drop for BTC and ETH
Capo predicted resistance around $20,000 for bitcoin (BTC). The analyst expects that the price of the flagship crypto reaches the $21,000 mark during this month. But then he thinks BTC will fall sharply to the point of falling to $14,000 Before the end of the month.
Capo also believes Ether will drop well below its current value which is around $1,500. The crypto analyst estimates that ETH will drop to $800 or even $700. It therefore predicts a drop of around 50% for the second largest crypto by market capitalization.
For the famous crypto analyst Capo, bitcoin (BTC), ether (ETH) and other altcoins are not done with the downtrend. The trader predicts a second price crash in the crypto market this year.
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