By George Ward
Crypto Capo, the famous crypto analyst who correctly predicted that the crypto market would drop this year, has warned that there would be a new low price for digital assets in November. The top crypto analyst informed his Twitter followers (573,000) that the current market conditions and analysis suggest that the prices of all crypto assets (including BTC) will collapse in November.
Crypto Capo said the DXY –- US dollar index is signalling a bull market. However, the S&P 500 (SPX) signals bearishness as it struggles to overcome its next resistance level. These two scenarios are signals of a cryptocurrency bear market. In addition, he stated that altcoins have recently faced unnatural price pumps.
In his precise words, “Market update: DXY is signalling bullish while SPX is at key resistance. These two market events indicate bearishness, with BTC and ETH at the top. Lately, some altcoins have had scam pumps, so ensure you protect your profits. There are likely to be new lows in November.”
Crypto Capo Predicts A Future Drop-In Price Of Crypto Assets
Having a closer look at Bitcoin, Crypto Capo predicts a switch on support and resistance value level of $20,000 before it crashes to $14,000 this month. Furthermore, Capo says the drop in price he predicts may come after BTC hits a high of $21,000 in November. Currently, BTC is trading at $20,425 at the time of this article.
Crypto Capo said, “I am expecting a scenario like this: BTC has the potential to hit $21,000. A bearish confirmation signal confirms the Support/Resistance flip of the $2,000 level. The target price of BTC after the confirmation of the bearish is $14,000.”
After Capo spoke on BTC, he moved on to discuss ETH. He says it may drop by between $700 and $800. If this happens, ETH will be trading at nearly 50 percent of its current price. Ethereum exchange for $1577 at the time of writing this news piece.
Will Bitcoin Fall To $14,000 Or Rise This Month?
While Capo remains anonymous, his predictions keep shaking up the crypto world. Capo had said it was time for a change of cryptocurrencies, especially Bitcoin.
Based on multiple on-chain data, altcoins performed well over the weekend, with DOGE among the top gainers. In addition, the price of meme coins skyrocketed by an extra 25% over the last few days, pushing them to 6-month highs.