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In the latest cryptocurrency world, an influential analyst known as Capo has raised concerns over Bitcoins BTC/USD future stability, suggesting that its value might plummet to $12,000.
What Happened: According to a report onThe Daily Hodl, Capo has conveyed his bearish views to his follower base of 764,900 on a social media platform. This comes after a market correction coincidingwith Binance and its formerCEO, Changpeng Zhao,pleading guilty to U.S. federalcharges.
See Also:Bitcoin, Ethereum, Dogecoin Tumble After Binance CEO Changpeng Zhao Resigns, Pleads Guilty To Felony Charge: Analyst Warns Apex Crypto Could Crash Over 40%
Yes, still likely. That would be the end. il Capo Of Crypto (@CryptoCapo_) November 21, 2023
Describing the current climate as the beginning of the end, Capo anticipates a massive capitulation event marking the closureof the crypto bear market.When asked about the possibility of Bitcoins fall to $12,000, he affirmed that such a drop, mirroring prices of October 2020, is still likely.
Much more if the main scenario plays out. Some of them are already giving confirmations of local top. pic.twitter.com/YtdMLozjot il Capo Of Crypto (@CryptoCapo_) November 21, 2023
Bitcoin was trading at $37,369 at the time of the report, a recoveryfrom its one-week low of$35,632. Capo also projected that altcoins could face an even steeper correction than Bitcoin if BTC hits its $12,000 valuation target, observing thatsome altcoins are already showingsigns of peaking in the market.
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