Crypto Capo, known for his bear market predictions in the crypto world, shared an updated evaluation on Telegram after Bitcoin surpassed its 2023 peak. Despite his continuous bearish stance, let’s take a look at the new approach of the analyst who earned the nickname “Short King Capo”.
Crypto Capo summarized some expected movements in the crypto market and shared his predictions for the near future. According to the analyst, while Bitcoin is likely to experience a slow decline, altcoin Ethereum (ETH) may show a modest increase within the range of $2200-2300. Additionally, some altcoins are expected to experience a final surge before the upcoming decline.
Crypto Capo anticipates a significant drop in Bitcoin as the market prepares itself, suggesting that BTC could fall within the range of $30,000 to $31,000. The analyst also mentions that if such a decline occurs, altcoins will suffer even more and accompanying altcoin drops could reach a serious decline of 30-40%. The analyst emphasizes the beginning of a process called the “surrender event”.
In the crypto market, surrender events often involve widespread panic-selling and lead to sharp declines in asset prices. While market dynamics can undergo a transformation, investors and traders should be cautious and develop strategies accordingly. Crypto Capo’s insights are crucial in terms of staying alert in the current crypto environment and having a perspective on expected changes.
It should be noted that Crypto Capo did not take a new position in Bitcoin last month. The analyst may believe that not taking a position after the recent surge in BTC is fortunate. There is no announcement of taking a short position in the analyst’s latest statement, so the analyst has only shared his prediction. We will see in the future whether Crypto Capo’s analysis proves to be correct or not.