Crypto Analyst Who Predicted Bitcoin’s May 2022 Collapse Problems Terrible Altcoin Warning: Here’s His Outlook

The crypto analyst who aptly called the Bitcoin (BTC) crash this year is now issuing a warning to investors about an impending altcoin implosion.

Merchant pseudonym Chief tells his 694,900 Twitter followers that while financial markets may look bad, conditions look even worse for altcoins.

“The whole market looks bad…

The thing is, some altcoins look even worse. If altcoins were to fetch 50%-55% on average from here, pure shitcoins could easily fetch 60%-90%. Stay safe.”

Capo recently predicted new bear market lows for both the king crypto and Ethereum (ETH), the largest altcoin by market cap. According to the strategist, BTC can drop as low as $12,000, while the leading smart contract platform could drop as low as $600-$650.

“Remember:

The trend is still bearish.

The indicators indicate an event of complete capitulation.

The bad news should come soon. BTC $12,000 ETH $600-$650.”

At the time of writing, Ethereum is changing hands at $1,200.

Earlier, Capo also said that while Bitcoin bulls may have sparked a rally from the current bear market low of around $15,700, the rebound is significantly smaller than that seen during Bitcoin’s upward rallies in June.

“Every bounce is smaller. Lower lows and lower highs. Support becomes resistance. $12,000 is like a magnet.

The trader noted at the time that most Bitcoin holders are under water and ill-prepared for the future.

“Just read the comments here and you’ll get a second confirmation (the first is the analysis and indicators) that most people are trapped above $17,000 or more and couldn’t take another dip. As I said before, most people are not prepared for what is coming and it shows.

Bitcoin is valued at $16,625 at the time of writing, a fractional gain over the course of the day.

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