Popular cryptocurrency analyst ‘Capo of Crypto’ on Twitter said that market capitulation has started and the “coming week is going to be decisive.”
What Happened: Capo tweeted, “I'm 100% out of the market" amid the FTX FTT/USD collapse. This comes as apex crypto Bitcoin BTC/USD dropped 4.21%, trading at $16,010. Ethereum ETH/USD declined as much as 8%, trading at $1,121 in the last 24-hours.
It should be noted that Capo predicted this year’s Bitcoin collapse and said it is likely heading to new bear market lows.
See More: Best Crypto Apps
On Sunday, the trader tweeted that it is “going to be a big week.” The pseudonymous analyst reiterated that “altcoins could drop 40-50% from here.”
Just the beginning. https://t.co/Ju1twjxQYG pic.twitter.com/AuPw4kRdqI
— il Capo Of Crypto (@CryptoCapo_) November 21, 2022
Capo believes that the current rally in the crypto market is meant to trap bulls, and a Bitcoin drop to lower levels will happen in the near term. In a Twitter post, he shared how BTC has flipped support at $17,600 into resistance.
Read Next: FTX Owes 50 Biggest Unsecured Creditors $3B, Over 1M Creditors May Be Involved
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.