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Popular Cryptocurrency Analyst ‘Capo of Crypto’ said on Twitter that altcoins are expected to drop more than “40%-50%” in the middle of the FTX FTT/USD collapse.

What happened: Capo noticed “bearish retests everywhere” and “hidden bearish divergences” across multiple timeframes on Wednesday. A hidden bearish divergence indicates that a particular asset will continue to decline.

See also: Best cryptocurrency to hedge against inflation

Bitcoin BTC/USD will drop between $12,000 and $14,000 in just “a matter of time,” Capo said.

The analyst tweeted that the “bounces show clear bull trap characteristics.” A bullish trap tricks traders into thinking that a market has finished falling and that now is a good time to buy.

Earlier this week, Capo says market capitulation has begun and the “coming week will be decisive”.

It should be noted that Capo predicted Bitcoin’s collapse this year and said it was likely heading for new bear market lows.

price action:BTC is trading at $16,526, up 5.40% at the time of writing, according to Benzinga Pro.

Read more : Cathie Wood Reiterates $1 Million Bitcoin Price Target: “Sometimes You Have To Go Through A Crisis To See Survivors”





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