Uncertainty and fear loom over the cryptocurrency market as Bitcoin (BTC) and alts continue to plummet aggressively. At the time of writing, the Fear and Greed Index, which analyzes the multifactorial crypto market sentiment reads the value ‘23′. This value implies that the majority of crypto investors have “extreme fear” ruling their minds.
To this end, several crypto pundits including Elon Musk think that the crypto market will continue to maintain the downtrend for the next couple of days and probably weeks.
Notable among these crypto analysts is the pseudonymous TA expert and swing trader, Crypto Capo, who is mostly known for accurately predicting the Bitcoin (BTC) crash evidenced in early 2022.
Crypto Capo speculates that Bitcoin (BTC), Ethereum (ETH), and a few other top alternative coins are yet to touch their potential bottoms. As earlier reported, Capo noted that his analysis indicates that the two top digital currencies BTC and ETH are heading to the $14,000 and $700 zone respectively.
Hence, he suggested that daily, swing, and/or derivatives traders withdraw from the crypto market temporarily until the dust of recent negative events settles. According to him, it is safer and better to be out of the crypto market for the time being.
Read Also: Elon Musk Confident About Bitcoin’s (BTC) Future But Predicts a Long Bear Market
In a Wednesday tweet, he wrote to his almost 662K followers saying, “I repeat… EXIT ALL THE MARKETS”.
I repeat… EXIT ALL THE MARKETS
— il Capo Of Crypto (@CryptoCapo_) November 16, 2022
This statement has been met with different responses. While some confirmed the bearishness of the crypto market, some crypto enthusiasts teased Capo, sharing a screenshot of him predicting that BTC would reach the $200K and $500K zone before March 2022. In response, Crypto Capo said, “comments here show that most people are not ready for what is coming.”
Comments here show that most people are not ready for what is coming. https://t.co/BL5wcDXQAh
— il Capo Of Crypto (@CryptoCapo_) November 16, 2022
FTX Implosion Impact
Whereas the collapse of the FTX exchange initially affected its native token, its impact has extended beyond FTT to affect the overall crypto market sentiment.
Many opine that the shockwaves the incident sent to investors fueled the panic sell-offs and numerous coin/token shorts in the derivatives market.
It bears mentioning that FTX Trading Limited, previously controlled by Sam Bank-man Fried, suffered liquidity crunches last week. This led to the exchange filing for Chapter 11 bankruptcy while leaving many affiliated projects and customers wrecked.
