Crypto Market Crashed! Here are the Potential Bottoms of the Current Capitulation Phase

The post Crypto Market Crashed! Here are the Potential Bottoms of the Current Capitulation Phase appeared first on Coinpedia Fintech News

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. 

The analyst, il Capo of Crypto, had rightly predicted the current market crash before. He had warned his 600K followers that the BTC price may be hammered at it reaches above the $21,500 mark. Meanwhile, the star crypto surged to test these levels and a massive rejection dragged 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.

The analysts mention the potential low for the assets and expect another 15% drop in BTC’s price and a 30% to 40% drop in the other altcoins. Moreover, he believes the local bottom could be reached in a week’s time as a lot of supply, dominated by altcoins, has been moved to the 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 FTX token (FTT) price, which is dropping at an average of 60% to 65% every day, may soon drop below a single-digit figure too.