The well-known crypto analyst and long-term investor, known as @CryptoCapo_ on Twitter, has predicted that the recent uptrend in the crypto market has come to an end. He also predicts that the Bitcoin price will drop to $12,000.
CryptoCapo shared his insights on the current state of the crypto market in his Telegram channel. He suggested that the surge in crypto prices in recent months was a result of manipulation by stablecoin-creating parties. According to him, these manipulators try to trap the bulls and then dump the crypto coins on them.
The analyst called the price advance, which started in January 2023, as a bull trap. He criticized investors who bought memecoins. “The sole purpose of this trend is to enable wealthy investors to sell their tokens at elevated prices and create liquidity,” he said.
Bitcoin could drop to $12,000
CryptoCapo anticipates a significant Bitcoin price drop in the near future. He bases this prediction on both technical and fundamental indicators and expects the price of Bitcoin to drop to $12,000. In addition, he predicts that the value of Ethereum will fall to between $500 and $700, while he expects most altcoins to drop 60 to 80% of their current value.
The analyst advises taking a step back from the crypto market for the time being and in the meantime creating short positions in altcoins that are likely to fall more than average.