A pseudonymous crypto analyst, who first accurately predicted Bitcoin's (CRYPTO: BTC) dramatic collapse earlier in 2022, has made a new, startling prediction for the current week.
What Happened: ‘Capo Of Crypto’ told his 685,000 followers on Twitter that BTC will soon reach the $17,500 level and then drop to $12,000.
17500 for a local top. Then 12k.
— il Capo Of Crypto (@CryptoCapo_) December 12, 2022
Big week.
See More: Best Crypto Day Trading Strategies
On Nov.28, the analyst pointed out a new price target for altcoins and s**t coins. The graph shared by the trader indicates that bearish momentum is highly likely for both altcoins and s**t coins.
According to Capo, a decrease of 40-50% in prices for altcoins and a startling drop of over 50% for s**t coins is inevitable
Explanation:
— il Capo Of Crypto (@CryptoCapo_) November 27, 2022
This helps to know if we are in a redistribution or accumulation range. Perps aping while spot is selling hard. Not only this indicator points to redistribution, but many of them.
12000-14000 is likely. 40-50% drop for altcoins. 50%+ for shitcoins.
Stay safe. https://t.co/hEaW6LVBfU pic.twitter.com/cSSTfWBcxg
Altcoins are generally defined as all cryptocurrencies other than Bitcoin, such as Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA) and Ripple (CRYPTO: XRP).
On the other hand, s**t coins refer to cryptos that have no real purpose or value, such as Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), etc.
Price Action: At the time of writing, Bitcoin was trading at $17,163, up 1.50% in the last 24 hours, according to Benzinga Pro.
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