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The Daily Hodl
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Analyst Who Called 2022 Crypto Crash Updates Bitcoin and Ethereum Outlooks, Warns There Is Zero Reason To Flip Bullish

by Daily Hodl Staff
June 16, 2022
in Altcoins, Bitcoin, Ethereum

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.”

Source: CryptoCapo_/Twitter

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.”

Source: CryptoCapo_/Twitter

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.”

Source: CryptoCapo_/Twitter

The Sandbox is trading for $0.86 at time of writing, up 1.91% over the last 24 hours.

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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 loses 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.

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