A widely followed crypto analyst is warning that Bitcoin (BTC) is at risk of a sudden collapse.

In a new post on the instant messaging app Telegram, pseudonymous crypto strategist Crypto Capo tells his 121,953 subscribers that Bitcoin may collapse by more than 34% of its current value.

However, the analyst predicts that the flagship crypto asset will first head higher before a severe correction.

“Shorting here makes no sense at all. I’ll be looking at the $94,000-$95,000 zone for potential shorts, but for now, the smart move is staying net long.”

Looking at his chart, the trader says Bitcoin may plummet to $60,000 after tapping $98,000 as a local high.

Bitcoin is trading for $91,690 at time of writing, up 5.1% in the last 24 hours.

Next up, the analyst says he is leaning near-term bullish on Ethena (ENA), a synthetic dollar protocol built on Ethereum (ETH).

“I consider ENA a mid-term investment. That’s why I’m just holding it until August-September (subject to change/ adaptation). We can see how it has formed a massive range. Bearish trend is very oversold here, so a bounce to $0.50-$0.55 keeps making sense. After that, we could see the last capitulation event I’ve been talking about previously. If that happens, I will buy more. If not, just hold.”

ENA is trading for $0.30 at time of writing, up 6% in the last 24 hours.

Lastly, the analyst says the layer-1 asset Toncoin (TON) may rally and break through resistance at $4.58 before plummeting to around $2.10.

“Very clean setup, matching with the rest of the market.”

TON is trading for $3 at time of writing, up 2.9% on the day.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Real Capitulation Event in Sight for Bitcoin, Warns Analyst Who Nailed 2022 BTC Collapse – Here Are His Targets appeared first on The Daily Hodl.

A widely followed crypto analyst is warning that Bitcoin (BTC) is at risk of a sudden collapse.

In a new post on the instant messaging app Telegram, pseudonymous crypto strategist Crypto Capo tells his 121,953 subscribers that Bitcoin may collapse by more than 34% of its current value.

However, the analyst predicts that the flagship crypto asset will first head higher before a severe correction.

“Shorting here makes no sense at all. I’ll be looking at the $94,000-$95,000 zone for potential shorts, but for now, the smart move is staying net long.”

Looking at his chart, the trader says Bitcoin may plummet to $60,000 after tapping $98,000 as a local high.

Bitcoin is trading for $91,690 at time of writing, up 5.1% in the last 24 hours.

Next up, the analyst says he is leaning near-term bullish on Ethena (ENA), a synthetic dollar protocol built on Ethereum (ETH).

“I consider ENA a mid-term investment. That’s why I’m just holding it until August-September (subject to change/ adaptation). We can see how it has formed a massive range. Bearish trend is very oversold here, so a bounce to $0.50-$0.55 keeps making sense. After that, we could see the last capitulation event I’ve been talking about previously. If that happens, I will buy more. If not, just hold.”

ENA is trading for $0.30 at time of writing, up 6% in the last 24 hours.

Lastly, the analyst says the layer-1 asset Toncoin (TON) may rally and break through resistance at $4.58 before plummeting to around $2.10.

“Very clean setup, matching with the rest of the market.”

TON is trading for $3 at time of writing, up 2.9% on the day.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Real Capitulation Event in Sight for Bitcoin, Warns Analyst Who Nailed 2022 BTC Collapse – Here Are His Targets appeared first on The Daily Hodl.