‘Beginning of the End’ – Crypto Bear Issues Urgent Bitcoin Warning, Says BTC Crash to $12,000 Still on the Cards – The Daily Hodl

A widely followed cryptocurrency analyst and trader is expressing bearish sentiment on Bitcoin (BTC) following a market correction that coincided with Binance and its former CEO Changpeng Zhao pleading guilty to US federal charges.

The analyst pseudonymously known as Capo tells his 764,900 followers on the X social media platform that the “beginning of the end” is here.

According to Capo, a looming “massive capitulation event” will precede the end of the crypto bear market.

In reply to a follower who asks whether Bitcoin is heading to $12,000, the pseudonymous analyst says that the prospect is “still likely” and that a crash to a price last witnessed in October of 2020 would mark the bottom.

Bitcoin is trading at $37,369 at time of writing, up from its one-week low of $35,632.

Turning to altcoins, Capo says that they could correct more drastically than Bitcoin if BTC falls to his price target of $12,000. According to Capo, some altcoins are already showing signs of reaching a market top.

“Sentiment right now is extremely bullish…

This sentiment and the price action don’t correspond to the current macro state (forming a divergence) and most charts look overextended and with declining volume. They are prolonging this run as much as possible, but the longer the artificial run…”

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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.

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• Source: https://dailyhodl.com/2023/11/23/beginning-of-the-end-crypto-bear-issues-urgent-bitcoin-warning-says-btc-crash-to-12000-still-on-the-cards/