A crypto trader known for accurately predicting the previous market crash earlier this year thinks the current digital asset price downtick is “far from over.”
The pseudonymous analyst known as Capo warns his 604,900 Twitter followers that the next leg down for crypto is “incoming.”
Capo predicts that Bitcoin (BTC) could drop all the way to a local bottom of $14,000 before rebounding.
BTC is trading at $18,165 at time of writing. The top-ranked crypto asset by market cap is down nearly 12% in the past 24 hours.
Capo also predicts that altcoins will drop another 30-40%.
Ethereum (ETH) is trading at $1,298 at time of writing. The second-ranked crypto asset by market cap is down nearly 15% in the past 24 hours.
Digital assets dipped across the board after Tuesday’s stunning collapse of embattled exchange FTX’s native FTX Token (FTT), down nearly 75% in the past 24 hours.
Binance CEO Changpeng Zhao announced on Tuesday morning that his exchange intends to acquire FTX pending a full due diligence analysis of the business.
FTT’s price crash happened after concerns surfaced that Alameda Research, FTX’s trading arm, was too reliant on the token as collateral for loans.
The overall crypto market cap has dropped by 12.5% in the past 24 hours.
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