A widely followed crypto analyst who nailed the 2022 Bitcoin (BTC) crash is warning of an impending BTC meltdown.
In posts in his Telegram channel, pseudonymous trader Crypto Capo tells his 129,000 subscribers that BTC and altcoins could see significant dips in price in the coming weeks as risk for a black swan event remains high.
According to the trader, both altcoins and BTC could see staggering price drops that see them cut in half – or more. However, according to Capo, investors appear to be gobbling up the flagship crypto asset during dips despite signs of an impending crash.
“Interesting how, despite all the bearish signals, people keep buying the dip. The risk of a black swan event is still high. If it happens, we could see BTC drop to $60,000-$70,000 and altcoins crashing 50-80%. Big week ahead. Time to stay focused, volatility is coming.”
Near the end of July, Capo warned investors that altcoin season has yet to begin and that a shakeout is required before it does.
“If you’re wondering why your alts aren’t really going up, it’s because the altseason hasn’t started yet, and it’s likely we’ll see another big shakeout before it does…
There’s a time for everything. There will be a time to get very bullish. There will be a time when altcoins pump hard for weeks. That time will come. But this isn’t it. This is a time to be bearish. Plan for the future. Act in the present.”
Bitcoin is trading for $114,966 at time of writing, a fractional decrease during the last 24 hours.