Benzinga - In the latest cryptocurrency world, an influential analyst known as Capo has raised concerns over Bitcoin’s (CRYPTO: BTC) future stability, suggesting that its value might plummet to $12,000.
What Happened: According to a report on The Daily Hodl, Capo has conveyed his bearish views to his follower base of 764,900 on a social media platform. This comes after a market correction coinciding with Binance and its former CEO, Changpeng Zhao, pleading guilty to U.S. federal charges.
See Also: Bitcoin, Ethereum, Dogecoin Tumble After Binance CEO Changpeng Zhao Resigns, Pleads Guilty To Felony Charge: Analyst Warns Apex Crypto Could Crash Over 40%
Yes, still likely. That would be the end.— il Capo Of Crypto (@CryptoCapo_) November 21, 2023
Describing the current climate as the “beginning of the end,” Capo anticipates a “massive capitulation event” marking the closure of the crypto bear market. When asked about the possibility of Bitcoin’s fall to $12,000, he affirmed that such a drop, mirroring prices of October 2020, is “still likely.”
Much more if the main scenario plays out. Some of them are already giving confirmations of local top. pic.twitter.com/YtdMLozjot— il Capo Of Crypto (@CryptoCapo_) November 21, 2023
Bitcoin was trading at $37,369 at the time of the report, a recovery from its one-week low of $35,632. Capo also projected that altcoins could face an even steeper correction than Bitcoin if BTC hits its $12,000 valuation target, observing that some altcoins are already showing signs of peaking in the market.
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