Crypto analyst Capo predicted that Bitcoin (BTC) and other cryptocurrencies would enter a downtrend. Following the declines in 2022, Capo indicated that the markets would encounter lower prices.
Capo stated that the bear market for BTC and other cryptocurrencies was about to begin. The analyst believes that Bitcoin, Ethereum (ETH), and some altcoins might experience a surge before the downtrend starts.
According to Capo’s forecast, there will be a lower peak for BTC at around $43,000 to $44,000 and for ETH at $2,300 to $2,400. Some altcoins, however, may reach new highs.
The analyst predicts that BTC will fall to $38,000 and shared a chart to support this drop. Despite the current downtrend, Capo mentioned that he had closed his short positions and was holding onto cryptocurrencies in his wallet.
While maintaining his commitment to market analysis, Capo expressed respect for other studies and emphasized that he spent a lot of time on macro analysis of the market, highlighting that opportunities will always be present.