The post Analyst Issues Warning For Bitcoin and Ethereum Traders! BTC and ETH Price To Drop Heavily appeared first on Coinpedia Fintech News
Digital asset prices are likely to reach new lows in November, according to the crypto expert who correctly predicted the collapse of this year’s crypto market.
Crypto Capo, a Twitter trader with 573k followers, recently warned his audience that Bitcoin (BTC), Ethereum (ETH), and other alternative cryptocurrencies are all likely to experience precipitous price drops in the month of November due to a number of interrelated market factors.
Major altcoins to drop
According to the popular analyst, the key indicators of a crypto bear market are the US dollar index (DXY) flashing positive and the S&P 500 (SPX) encountering resistance. He asserts that alternative cryptocurrencies have recently witnessed artificial price pumps.
Current Market Status
The DXY index is currently positive, whereas the SPX is trading at critical resistance and displaying symptoms of weakness. A peak is formed by Bitcoin and Ethereum. Almost every alternative cryptocurrency has been the victim of a “pump and dump” scheme.
Here’s What Next For Bitcoin (BTC) Price
Capo thinks that this month, the Bitcoin price will fall from $20,000 to $14,000. He bases this on his analysis of the cryptocurrency’s historical trends at its current price level. After Bitcoin achieves a high of $21,000 this month, he predicts it will likely start falling. Bitcoin is currently selling at a price of $20,425.
There is possibility of a final surge to $21,000 to finish a triple peak is possible before the market finishes diagonally to trap longs. An initial confirmation of a bearish trend is the break of the wedge, and a final confirmation of a bearish trend is an S/R (support/resistance) flip of the $20,000 level. The primary goal is $14,000 after a negative trend has been confirmed.
Ethereum Price Analysis
The analyst is also keen on ETH, and he was confident that its price will fall to the area of $700 to $800 after reaching a high of approximately $1,600. Ethereum is now trading at $1,577 at the time of this writing.
According to Capo’s analysis of the Shitcoin Index Perpetual Futures chart, the index price might go down from its present level of $2,344 to somewhere around $2,150 in the near future.
While the chart looks bleak for ETH, a breach of $1,450 might cause a sell-off. If such a negative scenario occurs, Ethereum’s price might fall to $1,370- registering an 11% drop.
How will This Week’s Fed Meeting Affect crypto?
This week could see the market pick up pace briefly.
The Federal Reserve continues to hike interest rates to curb inflation. A stumbling economy may cause investors to shrink back.