Certainly, 2022 was the year of realization of major projects in the fintech sector. But, it was also an unfortunate time for many investors, as prices in the cryptocurrency market collapsed. There have also been many hacks to crypto platforms. For now, traders are trying to remain optimistic by imagining that this year-end will give way to an uptrend. But a famous crypto analyst who predicted a crash in 2022 warns that the bear market will continue.
Has there been another stunning crash in cryptocurrency prices?
Cryptocurrency analyst Capo once again alerted his followers on Twitter to the collapse of prices in the markets. he has explain The current conditions in the cryptocurrency market suggest that there will be a crash this month. According to the merchant, the The bear market for Bitcoin (BTC), Ether (ETH) and other altcoins will continue.
Capo highlighted the fact that DXY, the US Dollar Index, is showing an upward trend. He also spoke of a major resistance in the S&P 500 (SPX) that warns of a downtrend. According to the analyst, these two signals indicate a downtrend in the crypto market.
Furthermore, the trader said that altcoins have been affected by scams recently. “Most cryptocurrencies have been scammed (some may still be). Protect your earnings. New lows likely in November“, It is to explain.
A rally followed by a sharp drop in BTC and ETH
Capo predicted resistance around $20,000 for Bitcoin (BTC). analyst expect The price of the major cryptocurrency reached the $21,000 mark during this month. But then he thinks BTC will drop sharply as low as $14,000 before the end of the month.
Capo also believes that Ether will drop below its current value of around $1,500. Crypto analyst estimates that ETH will drop to $800 or even $700. So it expects a Almost 50% drop for the second largest cryptocurrency by market value.
For popular crypto analyst Capo, Bitcoin (BTC), ether (ETH) and other altcoins are not done with the downside. The trader is anticipating a second price crash in the cryptocurrency market this year.
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Far from dampening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only added to my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.