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. 

The post “Exit All The Markets”, Analyst Who Accurately Predicted the Bitcoin (BTC) Crash in Early 2022 Warns appeared first on Times Tabloid.

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.

Read Also: PlanB Shows that Bitcoin Price Pattern Is Exhibiting the Trend that Preceded $69k ATH

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.

Read Also: A Bitcoin Whale Moved Over 200,000 BTC To Exchanges. Could This Be Michael Saylor?

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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The post Analyst Who Accurately Predicted 2022 Market Crash Issues New Bitcoin and Ethereum Warnings appeared first on Times Tabloid.