A week prior to the FTX disaster, the price of bitcoin was on the rise and the top cryptocurrency asset was trading above the $20K mark. Bitcoin (BTC) was being traded for $20,485 per coin on November 1. Since Nov. 9, 2022, the price of Bitcoin has been roughly $4K lower and is currently trading at $16,600.
The crypto expert who correctly predicted the fall of Bitcoin this year believes that the market’s leading cryptocurrency is definitely headed for a fresh bear market decline. According to expert Capo, the rallies in the cryptocurrency market are for a bull trap.
Looking at Bitcoin, Capo predicts a short-term decline to lower levels. His BTC price objective is between $12,000 and $14,000. Additionally, he forecasts an average 40%–50% decline for altcoins.
The chart shared by the cryptocurrency analyst supports his negative analysis and shows how BTC has turned from support to resistance at $17,600.
BTC Price May Slip to $12k
“What I see: -Technicals looking bad ([BTC] price below June’s low, indicators bearish, funding reset…) -Same bull traps as always, but even weaker. People falling for them. -Comments like ‘You are going to miss the train.’ Really? This is not over. Final capitulation is likely.”
Capo believes that bitcoin will experience a rapid recovery once it reaches its capitulation target, which is between $12,000 and $14,000. It is based on charts. At the time of writing, bitcoin is priced at $16,654, down 1.41% from the previous day.
The analyst then switches his attention to the Ethereum (ETH) rival Cardano (ADA), and sets a price target for the coin between $0.16 and $0.20. The expert predicts a potential drop of nearly 50% for Cardano.
