Crypto Analyst Who Predicted Bitcoin's Collapse Pegs New Price Target: 'When It Breaks Below 16k…'

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.

See Also: Best Crypto Apps

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.”
Read Next: Dogecoin Shines As Bitcoin, Ethereum Muted — Chartist Says 'Break Above' This Level Presents 'Great Long Opportunity' For DOGE

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsaltcoinsBitcoinCapo of Crypto
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!