The crypto analyst known for accurately calling the last major market collapse is issuing another series of warnings, including one about an Ethereum (ETH)-based altcoin.
The pseudonymous trader known as Capo told his 690,000 Twitter followers in May that Waves could be the “next LUNA,” the native token of the Terra ecosystem which went to zero in the same month.
Now, Capo says that his call on WAVES could be coming to fruition and that the altcoin’s recent downward move could just be getting started.
“Just the beginning.”
Capo is short to medium-term bearish on crypto in general, and is expecting another sizeable haircut for altcoins before the bear market finds a bottom.
“Altcoins look like they could dump 50-80% easily. Remember, there will always be a trigger (expect bad news soon) but charts always talk first.
Looking at Bitcoin (BTC), Capo is predicting a drop to around $12,000, or which is about 30% down from current prices.
As for Ethereum, Capo says that current price action is typical bearish, and appears to believe that ETH is about to break down to its next support level at $1070.
However, the popular trader and analyst has previously called for Ethereum to drop as low as $600, perhaps triggered by some type of bad news.
“Trend is still bearish. Indicators are pointing to full capitulation event. Bad news should come soon. ETH $600-$650. Altcoins 50%-70% potential drop (s**tcoins even more). Stay safe, things could get very ugly.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Andy Chipus/LongQuattro/bluefish_ds