The pseudonymous analyst who called crypto’s current crash is issuing a fresh warning to Bitcoin (BTC) bulls that the bears are in control.
Crypto Capo cautions his 374,000 followers that there are “zero reasons” to be a crypto bull at the moment.
“Literally 0 reasons to be a bull here. Altcoins look like they really want to drop another 30-40%.”
Capo then looks at the S&P 500 (SPX) to guess BTC’s next moves. As SPX hits a new low, the trader expects Bitcoin to follow.
“SPX new low. BTC should be next.”
Bitcoin is trading for $21,015 at time of writing, down 1.37% in the last 24 hours.
The analyst then turns to Ethereum (ETH), the second-largest crypto by market cap, and how it trades against Bitcoin (ETH/BTC). Even as BTC’s value drops, he expects ETH to drop further.
“ETH/BTC
Parabola broken and distributive range confirmed, even with a test of the range low as resistance.
Expecting 0.0445-0.046 [$933-$965] in the short-term.”
Ethereum is trading for $1,110 at time of writing, down 0.5% on the day.
Though Capo expects altcoin markets to crash by up to 40% soon, he thinks decentralized gaming platform The Sandbox (SAND) will have a brief rebound before then.
“SAND
Main support: $0.50-0.60
Expecting a bounce from there.”
The Sandbox is trading for $0.86 at time of writing, up 1.91% over the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens/monkographic
