The popular crypto analyst and trader, who accurately predicted the 2022 market crash, has issued a fresh warning of possible price lows for digital currencies this month.
According to the pseudonymous analyst popularly known as Crypto Capo on Twitter, several indicators point to impending price collapses for Bitcoin (BTC), Ethereum (ETH), and other altcoins in the month of November.
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The crypto trader emphasized the current trend of the US Dollar. He said the USD index (DXY) is currently flashing bullish and the S&P 500 (SPX) is meeting resistance, which are both bearish signals for crypto markets. To make the matter worse, Capo said altcoins have also experienced artificial price pumps lately.
Crypto Capo noted:
“Market update. DXY bullish. SPX at key resistance and showing bearish signs. BTC and ETH forming a top. Most altcoins have had scam pumps (some could still have). Protect your profits. New lows are likely in November.”
Capo further stated that he’s expecting a flip in the support and resistance price level of $20,000 before a devastating dip to $14,000 in November. He said this price drop may occur after BTC retests $21,000.
“Expecting something like this. Potential last push to $21,000 for a triple top, ending diagonal to trap longs. Bearish confirmation is the break of the wedge and ultimate confirmation a S/R (support/resistance) flip of the $20,000 level. Main target after bearish confirmation: $14,000.”
$BTC ltf
Expecting something like this. Potential last push to 21k for a triple top / ending diagonal to trap longs.
Bearish confirmation is the break of the wedge and ultimate confirmation a S/R flip of the 20k level.
Main target after bearish confirmation = 14k pic.twitter.com/FtqrJZZFn1
— il Capo Of Crypto (@CryptoCapo_) November 1, 2022
At the time of filing this report, Bitcoin (BTC) is trading at $20,446, with about a 1% price downtrend in the last 24 hours.
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The crypto trader also predicted that the price of Ethereum (ETH), the largest smart contract platform, will decline to the $700 to $800 price region from its current $1,600 price level. At the time of press, ETH is trading at $1,567, with a 1.31% price plummet in the last 24 hours.
$ETH pic.twitter.com/oPa821rmjJ
— il Capo Of Crypto (@CryptoCapo_) October 31, 2022
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