A popular crypto analyst has pointed out a new price target for Bitcoin BTC/USD, altcoins and s**t coins.
What Happened: According to pseudonymous analyst "Capo of Crypto," BTC will drop somewhere between $12,000 and $14,000. At the time of writing, BTC was trading at $16,201, down 2% in the last 24 hours.
Capo tweeted that when BTC breaks below the $16,000-mark, it will teleport somewhere between $12,000 and $14,000.
In another tweet, "Capo of Crypto"offered an "explanation."
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
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The graph shared by the trader reveals that bearish continuation is likely for altcoins and s**t coins too. Capo predicts 40% to 50% drop in altcoins and more than 50% for s**t coins. Altcoins are generally defined as all cryptocurrencies other than Bitcoin, such as Ethereum ETH/USD, Cardano ADA/USD, Ripple XRP/USD etc.
Meanwhile, s**t coins refer to cryptos that have no value, such as Dogecoin DOGE/USD, Shiba Inu SHIB/USD etc.
Earlier last week, Capo said that market capitulation has started and the “coming week is going to be decisive.”
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