Bitcoin trader with $12K BTC price target warns ‘weeks’ to crypto comedown
Bitcoin, Ether, and altcoins are facing an imminent market downturn, according to a prominent Bitcoin trader known as “Il Capo of Crypto.” He predicts that the market will flip fully bearish within the next few weeks.
Il Capo of Crypto, who accurately predicted Bitcoin’s decline to $29,000 in June, has set a price target of $12,000 for BTC. He believes that this level will act as crucial support during the anticipated correction. At the time of writing, Bitcoin is trading at around $32,000, and a drop to $12,000 would represent a significant decline.
The trader points to various technical indicators and market sentiment as reasons for his cautious outlook. He cites the Relative Strength Index (RSI) as well as the Fear & Greed Index, which measures investor sentiment, to support his bearish stance. Both indicators currently indicate a trend toward oversold conditions and extreme fear.
Il Capo of Crypto also highlights the correlation between Bitcoin and traditional markets, such as stocks and commodities. The recent volatility in global markets, driven by concerns over inflation and economic recovery, could potentially spill over into the cryptocurrency market, leading to a downturn.
Additionally, he mentions the declining trading volumes and the lack of retail interest in Bitcoin as factors contributing to the potential market correction. Retail investors, who play a significant role in driving cryptocurrency prices, appear to be losing interest or adopting a wait-and-see approach.
Despite his warnings, Il Capo of Crypto acknowledges that Bitcoin’s long-term prospects remain positive. He sees the current correction as a healthy consolidation phase that could pave the way for another bull run. However, he advises traders and investors to exercise caution in the short term.
Looking ahead, market participants will closely monitor Bitcoin’s price action to gauge the validity of Il Capo of Crypto’s predictions. If his forecast materializes, the cryptocurrency market could experience a period of prolonged decline as the bearish sentiment takes hold.
In summary, a Bitcoin trader known as Il Capo of Crypto has issued a warning about an imminent market comedown for Bitcoin, Ether, and altcoins. He predicts that within the next few weeks, the market will turn fully bearish, with Bitcoin potentially dropping to $12,000. The trader points to technical indicators, market sentiment, and the correlation with traditional markets as reasons for his cautious outlook. While he acknowledges the long-term prospects for Bitcoin, he advises traders to exercise caution in the short term.