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Crypto Analyst Who Predicted Bitcoin’s Collapse Pegs New Low: ‘$17,500 For A Local Top Then…’

A pseudonymous crypto analyst, who first accurately predicted Bitcoin's (CRYPTO: BTC) dramatic collapse earlier in 2022, has made a new, startling prediction for the current week.

What Happened: ‘Capo Of Crypto’ told his 685,000 followers on Twitter that BTC will soon reach the $17,500 level and then drop to $12,000. 

See More: Best Crypto Day Trading Strategies

On Nov.28, the analyst pointed out a new price target for altcoins and s**t coins. The graph shared by the trader indicates that bearish momentum is highly likely for both altcoins and s**t coins.

According to Capo, a decrease of 40-50% in prices for altcoins and a startling drop of over 50% for s**t coins is inevitable

Altcoins are generally defined as all cryptocurrencies other than Bitcoin, such as Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA) and Ripple (CRYPTO: XRP).

On the other hand, s**t coins refer to cryptos that have no real purpose or value, such as Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), etc.

Price Action: At the time of writing, Bitcoin was trading at $17,163, up 1.50% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Mixed Amid Possible Trouble For Binance: Analyst Says Crypto Traders More Concerned About Insolvency Risk

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