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 tells his 266,300 Twitter followers that Bitcoin’s “main target” is between $21,000-$23,000.
Bitcoin is trading at $36,117.66 at time of writing, down more than 6.5% in the past week.
Capo also thinks 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 pseudonymous crypto analyst also says 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 time of writing, Ethereum is changing hands for $2,688, down 2.41% in the past day.
The trader predicts similar losses for SAND, the native token for blockchain-based virtual gaming world The Sandbox. Capo thinks The Sandbox will plummet to the $0.95-$1.00 range after bears took out a crucial support area.
SAND, the 44th-ranked crypto asset by market cap, is trading at $2.07 at time of writing, down more than 10% in the past week. A move to Capo’s bearish target of $0.95 represents a downside potential of over 50% for SAND.
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