Analyst 'Capo of Crypto' Warns of Bitcoin Plunge Below $100K, Predicts Altcoin Carnage

Prominent crypto analyst Capo of Crypto, a widely recognized figure in digital asset circles, has issued a stark market warning. The analyst has rejected Bitcoin's current bullish momentum as temporary, forecasting an impending price collapse that would particularly devastate altcoins.

In a recent X (formerly Twitter) post, Capo presented a bearish outlook, arguing Bitcoin hasn't reached its bottom and a capitulation event looms. A market capitulation occurs when plunging prices trigger panic selling, creating a self-reinforcing downward spiral. The 2022 FTX collapse provides a recent example when Bitcoin lost over 60% of its value within months.

The analyst predicts Bitcoin will initially breach the psychologically significant $100,000 support, then potentially plummet to $92,000-$93,000. Should this level fail, he warns prices could cascade down to $60,000-$70,000.

Altcoins face even greater peril according to Capo's analysis. Historically, Bitcoin's 10% declines have correlated with 20-30% altcoin drops. A potential 50% Bitcoin crash could therefore erase 50-80% of altcoin values - potentially pushing the sector to five-year lows in what might become crypto's worst bear market.

This isn't Capo's first bearish prediction. In May when Bitcoin hit record highs, he accurately foresaw the market reversal, posting an ominous 'Black Swan' warning. While Bitcoin retained most gains since then, most altcoins have surrendered theirs.