A popular crypto strategist and trader thinks that Bitcoin (BTC) and the altcoin markets are poised for a massive correction.
The pseudonymous crypto analyst Capo tells his 266,300 Twitter followers that Bitcoin’s “main target” is between $21,000-$23,000.
Bitcoin is trading at $36,117.66 at time of writing, down more than 6.5% in the past week.
Capo also thinks altcoins could be on the verge of a major break to the downside.
“Altcoins index is about to break the main support. Next support is 50% lower. Real capitulation below this level.”
The pseudonymous crypto analyst also says that Ethereum (ETH) will not be spared by his predicted corrective move.
“ETH main target is $1,100-$1,300, and that’s 50%, not 70%.”
At time of writing, Ethereum is changing hands for $2,688, down 2.41% in the past day.
The trader predicts similar losses for SAND, the native token for blockchain-based virtual gaming world The Sandbox. Capo thinks The Sandbox will plummet to the $0.95-$1.00 range after bears took out a crucial support area.
SAND, the 44th-ranked crypto asset by market cap, is trading at $2.07 at time of writing, down more than 10% in the past week. A move to Capo’s bearish target of $0.95 represents a downside potential of over 50% for SAND.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Blue Planet Studio/Nikelser Kate