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- Crypto Capo, a well-known cryptocurrency analyst, predicts potential price levels for Bitcoin and Ethereum in the event of a market downturn.
- He suggests that Bitcoin could experience a 60% drop to $16,000, while Ethereum could see a value loss between 63% and 74% to levels of $500 to $700.
- Capo also believes that other cryptocurrencies could lose between 60% and 80% of their value, with many altcoins returning to their low levels from 2022.
Crypto Capo, a renowned cryptocurrency analyst, recently shared his insights on the possibility of a bear market scenario in the crypto market. In a tweet posted on June 23, he emphasized that the possibility of a market downturn is still on the table. According to Capo, if such a drop were to occur, Bitcoin could experience a significant decline of 60%, bringing its price down to $16,000. Similarly, Ethereum could face a value loss ranging from 63% to 74%, with its price falling to levels between $500 and $700.
In addition to Bitcoin and Ethereum, Capo also predicts that other cryptocurrencies could suffer significant losses. He suggests that these altcoins could lose between 60% and 80% of their value. It is worth noting that many altcoins have already returned to their low levels from 2022, indicating a potential downward trend in the market.
Among the cryptocurrencies mentioned, Capo specifically highlights BNB, TRON (TRX), Solana (SOL), Aave (AAVE), and Polygon (MATIC) as having short positions from critical resistance levels. However, he points out that only TRX is currently in a losing position.
Capo also raises concerns about market manipulation through stablecoins. He claims that the current bull market has been artificially created by stablecoins such as Binance USD (BUSD), USD Coin (USDC), and now True USD (TUSD). He further suggests that the actions of the U.S. Securities and Exchange Commission (SEC) against Binance CEO Changpeng Zhao (CZ) and TRON founder Justin Sun are not yet concluded and that there may be more to come.
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