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.
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Featured Image: Shutterstock/Sergey Nivens/monkographic
