The crypto analyst known for accurately calling the last major market collapse is issuing another series of warnings, including one about an Ethereum (ETH)-based altcoin.
The pseudonymous trader known as Capo told his 690,000 Twitter followers in May that Waves could be the “next LUNA,” the original symbol of the Terra ecosystem that went to zero in the same month.
Now Capo says that his call on WAVES may come to fruition and that the altcoin’s recent downward movement may just be underway.
“Just the beginning.”
Capo is bearish in the short to medium term on crypto in general, expecting another significant haircut for altcoins before the bear market finds a bottom.
“Altcoins look like they could easily dump 50-80%. Remember there will always be a trigger (expect bad news soon) but charts always speak first.
Looking at Bitcoin (BTC), Capo predicts a drop to around $12,000, or roughly 30% down from today’s prices.
As for Ethereum, Capo says that the current price action is typically bearish, and seems to believe that ETH is about to break down to its next support level of $1,070.
However, the popular trader and analyst has previously called for Ethereum to fall as low as $600, perhaps triggered by some form of bad news.
“Trend remains bearish. Indicators point to full capitulation event. Bad news should come soon. ETH $600-$650. Altcoins 50%-70% potential drop (s**tcoins even more). Rest assured, things could get very ugly.”
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Featured Image: Shutterstock/Andy Chipus/LongQuattro/bluefish_ds