Bitcoin & Ethereum prices marked new lows for 2022 below $16,000 and $1,000, respectively. While a slight recovery has been recorded in the past couple of hours, it may be just an attempt to lock up the bulls as the possibility of a notable bearish trend still prevails. A popular analyst maps the potential bottoms for BTC & other altcoins, which appear scary at the moment.
Il Capo’s analyst at Crypto had previously correctly predicted the current market crash. He warned his 600,000 followers that the price of BTC could hit the $21,500 mark. Meanwhile, Star Crypto rose to test these levels and a massive rejection pulled the price towards the current levels.
However, the analyst believes the capitulation phase has just begun and the market is due to witness another leg down.
Analysts have noted a potential downside for the asset and expect the price of BTC to drop by 15% and other altcoins by 30% to 40%. Furthermore, he believes the local bottom could be reached in a week’s time, as much of the supply, dominated by altcoins, has been transferred to exchanges.
Collectively, the crypto market crash majorly led by Binance appears to reach its destiny very soon. Moreover, with another leg down, Bitcoin (BTC) prices may eventually drop below the crucial support at $14,000, compelling the other altcoins to lose another 50% of their value in the coming days.
Meanwhile, the price of the FTX token (FTT), which is falling by an average of 60% to 65% every day, may soon drop below the single-digit figure.
