Correctly predicting the Bitcoin crash of early 2022, 2 analysts made a surprising new prediction.
Bitcoin will fall again
Analyst “Capo Of Crypto” told his 685,000 followers on Twitter that Bitcoin will soon reach the $12,000 level. The analyst said that Bitcoin price fluctuates between $16,600 and $16,800 but will eventually reach $12,000. Interestingly, Capo has been repeating the $12,000 level in the last four months. “You’ve been searching for 12k for 4 months,” one Twitter user immediately pointed out. Responding to the tweet, Capo said, “..and as long as it’s not overridden, I’ll keep looking.”
On November 28, the analyst pointed to a new price target for altcoins and s**tcoins. The chart shared by traders shows that bearish momentum is highly likely for both altcoins and s**t coins. According to Capo, a frightening drop of 40-50% in altcoin prices and over 50% in f**t coins is inevitable. cryptocoin.comAs we mentioned, Bitcoin is trading at $ 16,821 with a decrease of 0.10% in the last 24 hours.
The worst of the bear market is over
A popular crypto trader, best known for accurately pinning the bottom of the 2018 Bitcoin (BTC) cycle, says the worst of the bear market is over. Crypto analyst, nicknamed Smart Contracter, told his 217,400 Twitter followers that although the start of the new year brings a fresh drop, market conditions will start to improve. The analyst said in a statement:
“The worst of the crypto bear market is behind us, [first quarter of 2023] we may yet see a fresh drop, but FTX has filed for bankruptcy and with nearly $2 trillion in wealth lost, it’s probably safe to assume that most of the carnage in crypto is behind us. To better times, cheers.”
He also says that there is a strong price correlation between technology stocks and Bitcoin, but this relationship is even more pronounced when comparing the performance of Tesla stock to Bitcoin. “Crypto has been associated with technology for much of the last few years, but the BTC chart superimposed on the TSLA is actually crazy,” the analyst said in a statement. said. Looking at Ethereum (ETH), he says that the smart contract platform tested horizontal resistance at $1,226 but could move into a new price range between $1,260 and $1,280. He made the following statement about Ethereum:
“It looks like ETH is finally stabbed at the 4-hour horizontal resistance, hopefully this dreadful low volatility holiday period is finally over. I would love it for an upper channel test around $1,260-1,280.”