According to the esteemed crypto analyst and seasoned investor @CryptoCapo_, the recent surge in cryptocurrency prices has stopped, with Bitcoin poised to plummet to $12,000. The analyst asserts that what many perceived to be a bullish market trend is, in fact, a mere retracement within an ongoing bearish trajectory.
In a telegram channel linked to his identity, the analyst shared his expert opinion on the current state of the crypto market. He astutely observed that the recent surge in crypto prices might be attributed to the creation of stablecoins by certain entities, which he believes to be a form of manipulation. The analyst further posited that the ultimate goal of these manipulators is to ensnare bullish investors before unloading their crypto holdings and causing a significant drop in prices. His insights provide valuable food for thought for those navigating the complex world of cryptocurrency.
CryptoCapo characterized the ascent from the December 2022 low as an internal retracement and a correction. However, he expressed a more discerning perspective, labeling it a bull trap. He cited instances of individuals promoting projects lacking fundamental worth, resulting in the creation of meme coins that are subsequently offloaded onto their supporters. In his estimation, such practices are detrimental to the crypto community.
The only purpose of this movement is to turn everyone bullish (they won’t achieve it with me), to be able to sell at higher prices, and have exit liquidity again.
Renowned cryptocurrency analyst, CryptoCapo, has made a bold prediction of an impending price capitulation in the cryptocurrency market. He has set Bitcoin’s price target at $12,000 based on technical and fundamental indicators. Ethereum, on the other hand, is expected to experience a significant drop, with its price plummeting to between $500 and $700. Altcoins are also expected to take a hit, with most losing between 60 to 80% of their current value. CryptoCapo’s expertise and analysis make this prediction a noteworthy one to keep an eye on.
As per the analyst’s astute observation, the prudent course of action would be to steer clear of the market and instead focus on constructing short positions in altcoins susceptible to a greater-than-average decline. He wisely counseled his followers to disregard any extraneous commotion that may divert their attention from the overarching strategy, one that is grounded in sagacity, expertise, and sound judgment.
