A top crypto strategist is predicting that Bitcoin (BTC) and Ethereum (ETH) will continue to drop amid uncertainties in the global markets.
Pseudonymous analyst Capo warns his 244,900 Twitter followers about buying the dip too early, saying that the two largest crypto assets by market cap may still shed up to half of their current value.
Capo says that Bitcoin, which currently trades at $38,359, may plunge to as low as $20,000.
“Price nuking and supply being added. Be careful with buying too early. I will keep waiting for low 20ks.”
As for Ethereum, the analyst says that the price of the leading smart contract platform may plummet to as low as $1,100. At time of writing, ETH is exchanging hands at $2,627.08.
The trader is also giving a bearish outlook for the rest of the altcoins market, saying that technical indicators suggest that the prices will continue to go lower.
They keep dumping, more than BTC. Based on this chart and every altcoin chart, there’s still a lot of potential drop missing.
Even as some coins show signs of recovery, with Ethereum up by 2.58%, Terra (LUNA) by 11.45% and Solana (SOL) by 5.65% in the past 24 hours, Capo remains skeptical. He warns that the bounce could be a bull trap.
“This bounce is another three-wave move (correction to the upside), very clear on altcoins.
Buying here is risky.”
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