A widely followed cryptocurrency analyst and trader is expressing bearish sentiment on Bitcoin (BTC) following a market correction that coincided with Binance and its former CEO Changpeng Zhao pleading guilty to US federal charges.
The analyst pseudonymously known as Capo tells his 764,900 followers on the X social media platform that the “beginning of the end” is here.
According to Capo, a looming “massive capitulation event” will precede the end of the crypto bear market.
In reply to a follower who asks whether Bitcoin is heading to $12,000, the pseudonymous analyst says that the prospect is “still likely” and that a crash to a price last witnessed in October of 2020 would mark the bottom.
Bitcoin is trading at $37,369 at time of writing, up from its one-week low of $35,632.
Turning to altcoins, Capo says that they could correct more drastically than Bitcoin if BTC falls to his price target of $12,000. According to Capo, some altcoins are already showing signs of reaching a market top.
“Sentiment right now is extremely bullish…
This sentiment and the price action don’t correspond to the current macro state (forming a divergence) and most charts look overextended and with declining volume. They are prolonging this run as much as possible, but the longer the artificial run…”
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