Capo, a popular cryptocurrency trader, has issued a warning to the community, predicting a downturn for Bitcoin, Ethereum, and altcoins. Despite the rebound in the cryptocurrency market, Capo believes that prices are still at a major resistance and that recent price movements appear manipulated. He predicts a possible capitulation event, with BTC potentially dropping to $12,000 and ETH to $500-$700. Altcoins, on average, could experience a 60-80% drop. Capo also identifies certain altcoins that are showing signs of vulnerability or have already lost ground from this year’s bull run. He is amassing short positions in select cryptocurrencies, including Binance Coin, Solana, and Polygon. These cryptocurrencies have faced scrutiny and SEC lawsuits. Capo believes that many altcoins have reached new lows and is building short positions against them. He is adding size at key resistances and mentioned specific cryptocurrencies such as BNB, TRX, SOL, AAVE, and MATIC. The recent filing for a spot Bitcoin ETF by BlackRock could potentially unlock a $15 trillion crypto boom.
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