Crypto Analyst Who Predicted Bitcoin's Collapse Pegs New Price Target: 'When It Breaks Below 16k…'

A popular crypto analyst has pointed out a new price target for Bitcoin (CRYPTO: BTC), altcoins and s**t coins.

What Happened: According to pseudonymous analyst "Capo of Crypto," BTC will drop somewhere between $12,000 and $14,000. At the time of writing, BTC was trading at $16,201, down 2% in the last 24 hours.

Capo tweeted that when BTC breaks below the $16,000-mark, it will teleport somewhere between $12,000 and $14,000.

$BTC

When it breaks below 16k, it teleports to 12k-14k. pic.twitter.com/PuaDBSmRL7

— il Capo Of Crypto (@CryptoCapo_) November 28, 2022

In another tweet, "Capo of Crypto"offered an "explanation."

Explanation:

This helps to know if we are in a redistribution or accumulation range. Perps aping while spot is selling hard. Not only this indicator points to redistribution, but many of them.

12000-14000 is likely. 40-50% drop for altcoins. 50%+ for shitcoins.

Stay safe. https://t.co/hEaW6LVBfU pic.twitter.com/cSSTfWBcxg

— il Capo Of Crypto (@CryptoCapo_) November 27, 2022

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The graph shared by the trader reveals that bearish continuation is likely for altcoins and s**t coins too. Capo predicts 40% to 50% drop in altcoins and more than 50% for s**t coins. Altcoins are generally defined as all cryptocurrencies other than Bitcoin, such as Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA), Ripple (CRYPTO: XRP) etc.

Meanwhile, s**t coins refer to cryptos that have no value, such as Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB) etc.

Earlier last week, Capo said that market capitulation has started and the “coming week is going to be decisive.”
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