Crypto Analyst Predicts 50% Bitcoin Crash, Altcoins May Plummet 80%

Crypto analyst Capo of Crypto, a prominent figure in the crypto community, has issued a stark warning about the market's trajectory. The analyst has dismissed the current upward trend of Bitcoin's price, suggesting that it is only a temporary rally. Capo of Crypto's analysis indicates that Bitcoin's price is poised for a significant crash, with the altcoin market expected to suffer even more severe consequences.

In a post on the social media platform X (formerly Twitter), Capo of Crypto presented a bearish outlook, asserting that Bitcoin's current strength is unsustainable. He argues that Bitcoin's price has not yet reached its bottom and that a capitulation event, where prices fall sharply due to panic selling, is imminent. A capitulation event occurs when falling prices trigger widespread fear among investors, leading to further selling and deeper market losses. An example of such an event is the FTX market crash, during which Bitcoin's price plummeted by over 60% within a few months.

The analyst predicts that Bitcoin's price will decline further, initially falling below $100,000. Once this psychological barrier is breached, he anticipates the price will drop to the $92,000 to $93,000 range. However, he does not expect the crash to halt there, as capitulation events often result in more substantial losses. Capo of Crypto explains that if Bitcoin's price falls below the $92,000-$93,000 support level, the market could see prices as low as $60,000-$70,000.

Given the expected severe crash in Bitcoin's price, the altcoin market is likely to experience even more profound effects. Over the past few months, a 10% decline in Bitcoin's price has corresponded to a 20-30% drop in altcoin prices. Therefore, a nearly 50% crash in Bitcoin's price would be catastrophic for altcoins. Capo of Crypto predicts that altcoins could plummet an additional 50-80% if his market outlook materializes. This could push the altcoin market to new lows not seen in the past five years, potentially making it the worst bear market in recent history.

This is not the first time Capo of Crypto has warned the community about an impending crash. In May, when Bitcoin's price was reaching new all-time highs, the analyst cautioned that the market could reverse its gains. On May 15, he posted an image of a Black Swan, suggesting that prices could crash. Since then, most altcoins have reversed their gains, with only Bitcoin managing to retain most of its gains from that period.