In the latest cryptocurrency world, an influential analyst known as Capo has raised concerns over Bitcoin’s BTC/USD future stability, suggesting that its value might plummet to $12,000.
What Happened: According to a report on The 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 coinciding with Binance and its former CEO, Changpeng Zhao, pleading guilty to U.S. federal charges.
Describing the current climate as the “beginning of the end,” Capo anticipates a “massive capitulation event” marking the closure of the crypto bear market. When asked about the possibility of Bitcoin’s fall to $12,000, he affirmed that such a drop, mirroring prices of October 2020, is “still likely.”
Bitcoin was trading at $37,369 at the time of the report, a recovery from 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 that some altcoins are already showing signs of peaking in the market.
Image by Leonid studio on Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
