Analyst Calling Latest Crypto Crash Says Ethereum-Based Altcoin Mirroring Terra (LUNA) Has Crashed
The crypto analyst known for pinpointing the last major market meltdown is issuing another series of alerts, including one about an Ethereum (ETH)-based altcoin.
The pseudonymous trader named Capo told his 690,000 Twitter followers in May that Waves could be the “next LUNA,” the native token of the Terra ecosystem, which went to zero in the same month.
Now, Capo says his call to WAVES may be bearing fruit and that the altcoin’s recent move lower may have just begun.
“Just the beginning.”
Source: Capo/Twitter
Capo is bearish on crypto in general in the short to medium term and expects another sizeable discount for altcoins before the bear market finds a bottom.
“Altcoins look like they could shed 50-80% easily. Remember that there will always be a trigger (expect bad news soon), but charts always speak first.
Stay safe.”
Looking at Bitcoin (BTC), Capo forecasts a drop to around $12,000, which is around 30% below current prices.
“BTC simple.”
Regarding Ethereum, Capo says the current price action is typically bearish and seems to think ETH is on the verge of breaking down to its next support level at $1070.
However, the popular trader and analyst has previously called for Ethereum to drop as low as $600, possibly triggered by some sort of bad news.
“The trend is still downward. The indicators point to a complete capitulation. Bad news was to come soon. ETH $600-$650. Altcoins 50%-70% potential decline (s**tcoins even more). Stay healthy, it could get very ugly.”
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Featured image: Shutterstock/Andy Chipus/LongQuattro/bluefish_ds
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