The post Crypto Market Outlook: Analyst Expects New Lows for Bitcoin and Altcoins appeared first on Coinpedia Fintech News

Capo, a renowned crypto analyst, and trader, is sounding the alarm once again, this time for Bitcoin and the overall market. Known for his accurate anticipation of market swings, Capo has predicted fresh lows in the market cycle for BTC and altcoins on his Telegram account. Contrary to the prevailing crypto optimism, Capo firmly believes that the bear market is far from over and asserts that Bitcoin’s recent rebound from $15,700 to $30,000 was merely a short-lived correction.

Capo highlights the parabolic surge of meme coins as a clear indication of a local top in the crypto markets, suggesting an imminent downfall. He argues that this trend signifies a bear market rally or a retracement, using terms like internal retracement, wave B/X, and the feared bull trap.

While some may challenge his viewpoint, Capo insists that if ideal conditions are created to fuel bullish sentiment and high expectations among investors, any subsequent price drops would confirm the existence of a colossal bull trap, surpassing anything witnessed before.

The analyst exposes the sinister objective behind this market movement – to deceive and entice unsuspecting investors into a bullish frenzy. The ultimate goal is to allow smart sellers to offload their assets at inflated prices, thereby regaining liquidity. This revelation sheds light on the manipulative tactics at play in the market.

Bearish Outlook

Capo predicts a catastrophic decline in the market, with Bitcoin potentially crashing to $12,000 and Ethereum (ETH) facing a drop of over 70%. Altcoins, on the other hand, may experience plummeting prices ranging from 60% to 80%, with some faring considerably worse.

In light of this grim forecast, the analyst advises caution and recommends investors steer clear of the market while building short positions in altcoins with modest leverage, considering the fresh market cycle lows for Bitcoin and altcoins. He urges investors to remain focused on their goals based on knowledge and experience, ignoring distractions along the way.

While Capo’s predictions have been remarkably accurate in the past, it’s important to note that his anticipation of new lows arrived later than expected. Nonetheless, the gravity of his latest warning cannot be dismissed, given the volatile and unpredictable nature of the crypto markets.

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Filed under: Bitcoin - @ May 17, 2023 4:49 am