A widely followed cryptocurrency analyst and trader is warning of a further drop in digital asset prices after a rough week for crypto.
Pseudonymous crypto strategist Capo tells his 627,100 Twitter followers that Bitcoin (BTC), Ethereum (ETH) and altcoins are all set to experience double-digit percentage losses.
“For the last capitulation event, which should be this week, I expect:
16-20% drop on BTC, 36-40% on ETH and 40-45% on altcoins.”
Bitcoin is trading at $16,599 at time of writing, while Ethereum is changing hands at $1,192.
Turning to the native token of the smart contract-enabled blockchain TRON (TRX), Capo says he foresees TRX falling drastically.
“Yesterday, Justin Sun followed me. I have some bad news for you Justin. I say things as I see them. And what I see now for TRX is an incoming big drop.”
From the charts, it appears that Tron is forming a descending triangle and the crypto analyst expects it to fall by around 60%.
Tron is trading at $0.0561 at the time of writing.
On Cardano (ADA) and Polkadot (DOT), Capo says that the two Ethereum rivals could form a local bottom after falling by up to 49% and 40%, respectively.
Besides setting the bottom targets for Bitcoin and Ethereum, the crypto analyst also says that Litecoin (LTC) could fall by 46% while crypto exchange token FTX (FTT) could crash by over 99%.
“Potential targets for a local bottom after capitulation event:
BTC $13,000 – $14,000
ETH $700 – $750
ADA $0.18 – $0.23
LTC $29 – $32
DOT $3.4 – $3.6
Cardano is trading at $0.35 at time of writing, while Polkadot is changing hands at $5.68. At time of writing, Litecoin is trading at $53.34, while FTT is trading at $2.71.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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