Bitcoin(BTC) Price Plunging To $12k Seems Imminent! Here’s Why

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A week prior to the FTX disaster, the price of bitcoin was on the rise and the top cryptocurrency asset was trading above the $20K mark. Bitcoin (BTC) was being traded for $20,485 per coin on November 1. Since Nov. 9, 2022, the price of Bitcoin has been roughly $4K lower and is currently trading at $16,600.

The crypto expert who correctly predicted Bitcoin’s collapse this year believes the market’s dominant cryptocurrency is most certainly headed for fresh bear market lows. Rallies in the cryptocurrency markets, according to expert Capo, are meant for bull traps.

Looking at Bitcoin, Capo predicts a short-term decline to lower levels. His BTC price objective is between $12,000 and $14,000. Additionally, he forecasts an average 40%–50% decline for altcoins.

The chart that the crypto analyst shared, supports his negative analysis and shows how BTC has changed from support to resistance at $17,600.

BTC Price May Slip to $12k

“What I see:  -Technicals looking bad ([BTC] price below June’s low, indicators bearish, funding reset…) -Same bull traps as always, but even weaker. People falling for them. -Comments like ‘You are going to miss the train.’ Really? This is not over. Final capitulation is likely.”

Capo believes that Bitcoin will experience a steep recovery once it reaches his capitulation target, which is between $12,000 and $14,000. This is based on the chart. At the time of writing, the price of Bitcoin is $16,654, down 1.41% from the previous day.

The analyst then switches his attention to the Ethereum (ETH) rival Cardano (ADA), and sets a price target for the coin between $0.16 and $0.20. The expert predicts a potential drop of nearly 50% for Cardano.