Analyst Who Called Last Crypto Collapse Says Ethereum-Based Altcoin Mirroring Terra (LUNA) Crashes

The crypto analyst known for pinpointing the last major market crash is issuing another set of warnings, including one on an Ethereum (ETH)-based altcoin.

The pseudonymous trader known as Capo told his 690,000 Twitter followers in May that Waves could be the “next LUNA,” the native token of the Terra ecosystem that went to zero that same month.

Now, Chief says its call on WAVES could unfold and that the altcoin’s recent downward movement may have just begun.

“Only the beginning.”

Capo is short- to medium-term bearish on cryptocurrencies in general and expects another sizable haircut for altcoins before the bear market finds a bottom.

“It looks like altcoins can easily dump 50-80%. Remember, there will always be a trigger (expect bad news soon) but the charts always speak first.

Stay safe.”

Looking at Bitcoin (BTC), Capo expects it to fall to around $12,000, or about 30% below current prices.

“Simple BTC”.

Regarding Ethereum, Capo says that the current price action is typically bearish and appears to believe that ETH is about to collapse to its next support level at $1070.

However, the popular trader and analyst has previously called for Ethereum to drop as low as $600, possibly triggered by some kind of bad news.

“The trend is still bearish. The indicators indicate an event of complete capitulation. The bad news should come soon. ETH$600-$650. Altcoin 50%-70% potential drop (s**tcoin even more). Be safe, things could get very bad.

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Presentation image: Shutterstock/Andy Chipus/LongQuattro/bluefish_ds