The analyst, who has remained bearish on the cryptocurrency even after correctly predicting a crash in 2022, believes the market price will fall much lower.
Pseudonymous analyst Capo told his 81,200 Telegram subscribers that he believes Bitcoin (BTC) and the rest of the cryptocurrency markets are about to witness a resumption of a bear market.
But before the next downturn occurs, Capo predicts that Bitcoin, Ethereum (ETH), and some altcoins could experience one more rally.
“So the main low time frame idea is:
It pumps from here to form lower highs (around $43,000-$44,000 for BTC and $2,300-$2,400 for ETH). Some altcoins may hit new highs.
“Then the second wave of the bear market will begin.”
Taking a closer look at Bitcoin, Capo shares a chart showing BTC falling all the way to $38,000.
“I expect something like this for BTC.”
As of this writing, Bitcoin is trading at $41,114.
Although Capo is bearish on the cryptocurrency market, says The 778,100 followers on social media platform
“We know that most people have increased the value of their portfolios over the past few weeks/months and we are happy about that. I dedicate hundreds of hours to doing macro analysis of the entire market, simply staying true to my analysis, always respecting the work of others, and ignoring the noise.
teaHis main idea remains the same. Some people are upset that I am not exposed to the market, but that is my decision and I am okay with it. There will always be opportunity.”
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