Top Trader Capo Releases Warning About Crypto Market

The crypto market looks pretty bloody, but while a lot of investors are freaking out, more know that this is the best time to accumulate. Check out the warning that an important analyst released about the crypto market.

A popular crypto strategist and trader thinks that Bitcoin (BTC) and the altcoin markets are poised for a massive correction.

The pseudonymous crypto analyst Capo said that Bitcoin’s “main target” is between $21,000-$23,000.

Bitcoin is trading at $34,117.66 at the time of writing this article and all-important digital assets are trading in the red.

Capo also believes that altcoins could be on the verge of a major break to the downside.

“Altcoins index is about to break the main support. Next support is 50% lower. Real capitulation below this level.”

The crypto analyst also said that Ethereum (ETH) will not be spared by his predicted corrective move.

“ETH main target is $1,100-$1,300, and that’s 50%, not 70%.”

At the time of writing, Ethereum is changing hands for $2,588.

Earlier today, we revealed that the veteran trader Tone Vays said that he is waiting for the best opportunity to buy Bitcoin amidst the bearish price actions that we are seeing these days.

In a new video, Vays said that Bitcoin will likely continue its downward trajectory and take out its psychological support at $30,000 unless bulls step up to the plate soon.

“We need to get back into this triangle sometime this month. Otherwise, this is the future. This is the path for Bitcoin. Hopefully it happens, say, next month and maybe it’ll end at around $23,000.”

Taking a look at the weekly chart, Vays says BTC looks “absolutely terrible” as Bitcoin flashes multiple bearish signals.

“We are in the process of forming a brand new weekly closing low, which is problematic. Potentially, this is going to be the second-lowest closing low in about a year, in over a year, and that’s not a good sign. That’s not a bullish sign…” he said.