The bear market may continue and deepen

Of course, 2022 was the year of the realization of major projects in the Fintech sector. But it was also an unfortunate time for many investors, with prices falling in the cryptocurrency market. There have also been many hacks of crypto platforms. Currently, traders are trying to remain hopeful by imagining that this end of the year will give way to an uptrend. But a famous crypto analyst who predicted the 2022 crash warns of a continuation of the bear market.

Another Spectacular Crypto Price Crash?

Cryptocurrency analyst Capo has once again warned his Twitter followers of a price drop in the markets. He has Explain that current conditions in the crypto market indicate that there will be a crash this month. According to the dealer, the gold market will continue for bitcoin (BTC), ether (ETH) and other altcoins.

Capo highlighted the fact that the DXY, which is the US dollar index, is showing an upward trend. He also talked about a key resistance in the S&P 500 (SPX) that predicts a downtrend. According to the analyst, these two signals indicate a bearish trend in the crypto market.

A market update provided by Capo

Additionally, the trader said that altcoins have been affected by scams recently. “Most altcoins are scams (some may still be). Protect your earnings. New cuts are likely in November“, he explained.

A rise followed by a sharp fall for BTC and ETH

Capo predicted resistance around $20,000 for bitcoin (BTC). analyst hosts that the price of the flagship crypto reaches the value of $21,000 during this month. But then he thinks BTC will drop sharply to the $14,000 drop point Before the end of the month.

Capo market analysis

Capo also believes that Ether will fall well below its current value, which is around $1,500. The crypto analyst estimates that ETH will fall to $800 or even $700. Therefore it provides a reduction of about 50% for The second the largest crypto by market capitalization.

For famous crypto analyst Capo, bitcoin (BTC), ether (ETH) and other altcoins are not done with the downtrend. The trader predicts a second price crash in the crypto market this year.

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Avatar Luc Jose Adjinacou
Luc Jose Adjinacou

No less than it dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. Therefore I decided to study and understand the blockchain and its many uses and transmit with my pen information about this ecosystem.

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