Crypto Analyst Who Predicted Bitcoin's Collapse Pegs New Low: '$17,500 For A Local Top Then…'

A pseudonymous crypto analyst, who first accurately predicted Bitcoin's BTC/USD dramatic collapse earlier in 2022, has made a new, startling prediction for the current week.

What Happened: ‘Capo Of Crypto’ told his 685,000 followers on Twitter that BTC will soon reach the $17,500 level and then drop to $12,000. 

17500 for a local top. Then 12k.

Big week.

— il Capo Of Crypto (@CryptoCapo_) December 12, 2022

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On Nov.28, the analyst pointed out a new price target for altcoins and s**t coins. The graph shared by the trader indicates that bearish momentum is highly likely for both altcoins and s**t coins.

According to Capo, a decrease of 40-50% in prices for altcoins and a startling drop of over 50% for s**t coins is inevitable

Explanation:

This helps to know if we are in a redistribution or accumulation range. Perps aping while spot is selling hard. Not only this indicator points to redistribution, but many of them.

12000-14000 is likely. 40-50% drop for altcoins. 50%+ for shitcoins.

Stay safe. https://t.co/hEaW6LVBfU pic.twitter.com/cSSTfWBcxg

— il Capo Of Crypto (@CryptoCapo_) November 27, 2022

Altcoins are generally defined as all cryptocurrencies other than Bitcoin, such as Ethereum ETH/USD, Cardano ADA/USD and Ripple XRP/USD.

On the other hand, s**t coins refer to cryptos that have no real purpose or value, such as Dogecoin DOGE/USD, Shiba Inu SHIB/USD, etc.

Price Action: At the time of writing, Bitcoin was trading at $17,163, up 1.50% in the last 24 hours, according to Benzinga Pro.

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