• Cryptocapo mentioned the current rally in costs throughout the cryptocurrency market is over.
• In response to CryptoCapo, the current rally is a retracement of an ongoing bearish pattern.
• The analyst expects Bitcoin to drop to $12,000 within the subsequent stage of the bearish pattern.

Distinguished crypto analyst and long-term investor with Twitter deal with @CryptoCapo_ mentioned the current rally within the cryptocurrency market is over and Bitcoin will drop to $12,000. In response to him, what many cryptocurrency customers thought was a bull market, the rally is a retrace of a unbroken bearish pattern.

The analyst supplied his opinion on the present cryptocurrency market scenario on a Telegram channel associated to his identification. He identified that the rise in cryptocurrency costs is manipulation by firms printing stablecoins out of skinny air. In response to him, the manipulators are aiming to entice the cow earlier than it crashes the cryptocurrency worth.

CryptoCapo defined that the rally from the December 2022 low is an inner retracement and correction. In additional essential phrases, he referred to as it the bull entice, citing individuals attempting to earn cash by including shillings to initiatives with out core values. In response to him, such individuals create meme cash, which they later toss to their followers. He mentioned,

The only objective of this transfer is to show everybody bullish (which I will not be capable of obtain) to allow them to promote at a better worth and get exit liquidity once more.

CryptoCapo predicts an imminent worth collapse quickly throughout the cryptocurrency market. He famous that technical and elementary indicators assist his predictions and has set a goal worth for Bitcoin at $12,000. He mentioned the worth of Ethereum will drop from $500 to $700 and most altcoins will lose 60% to 80% of their present worth.

In response to the analyst, essentially the most logical factor to do presently is to keep away from the market whereas constructing quick positions in altcoins which have the potential to drop greater than the typical. He suggested his followers to disregard any noise which may distract them from the principle plan, the plan based mostly on data, expertise and cause.