A popular trader and an analyst who has rightly predicted the 2022 crypto crash has warned his 600K followers to not remain rest assured. The current bearish market is expected to continue for a long time, and a large share of market capitalization is closer to slashing hard. The anonymous trader called, il Capo Of Crypto cautioned that the next leg down for crypto is ‘incoming,’
Bitcoin (BTC) Price to Drop by 20%
Bitcoin price has been adversely impacted by the current market conditions following the Binance-FTX tussle. The analyst believes that the price may remain consolidated for a while ahead, and with the release of the fresh CPI data, it may drop heavily to mark the bottoms very close to $14,000 very soon.
Ethereum (ETH) Price May Hit $700
Ethereum prices have been testing the lower support for the past couple of days. Meanwhile, a rebound may be expected at the moment. However, if the ETH price fails to sustain these levels, then the second-largest crypto is speculated to drop to a 3-digit figure. Once the ETH prices drop below $1000, then testing the lower pivotal support at $700 could be imminent.
Altcoins is Deep Trouble
The altcoin market capitalization has been forming a descending wave pattern. With the recent rejection, the altcoin market cap validated the revival of the bearish trend. Hence a significant drop of nearly 30% to 40% may be imminent. In such a case, the market cap may drop below $100 billion and test the 2018 highs at around $65 billion.
The crypto market crash was fueled by the sudden collapse of the FTT price has agonized the investors to some extent. Hence, they may refrain from opening any positions until the markets rebound from their lows.