The increasing consequences of FTX have impacted the cryptocurrency market. Apex Crypto Bitcoin BTC/USD was trading below the $17,000 mark on Sunday. At the time of writing, BTC Trading at $16,567.

Pseudonymous crypto analyst Capo predicted Bitcoin’s collapse this year, saying it’s likely heading for new bear market lows.

Good morning!$BTC to $12,000-14,000 is a matter of time. Altcoins much lower (40-50% drop on average) pic.twitter.com/DEByAUUHQH

— il Capo of Crypto (@CryptoCapo_) November 18, 2022

Capo believes that the current rally in the crypto market is meant to trap bulls and that there will be a dip in Bitcoin to lower levels in the near future. In a Twitter post, he shared how BTC turned support into resistance at $17,600.

A diagram says more than a thousand words.

🔨 pic.twitter.com/Y9hGmPuzC7

— il Capo of Crypto (@CryptoCapo_) November 16, 2022

He predicted Bitcoin would rally after hitting its capitulation target.

What I see:

-Technicals look bad (price below June low, bearish indicators, funding reset…)
-Same bull traps as always, but even weaker. People fall for them.
-Comments like “You will miss the train”. For real?

It’s not over. A final capitulation is likely.

— il Capo of Crypto (@CryptoCapo_) November 15, 2022

According to crypto analyst Cred, Bitcoin is flashing relatively strong despite the collapse of crypto exchange FTX. However, he says it’s too early to make a solid bullish case for Bitcoin.

“I understand that argument of relative strength, which holds given the magnitude of what is happening. But if you’re going to make an optimistic argument, this has to be it,” Cred said.

“We had the worst news that was fathomable and unfathomable but the market is still range bound on the daily chart. So someone ready to suck it up,” he added.

Continue reading: Wall Street Wolf Says He Was Wrong About Bitcoin: ‘I Really Hated Crypto’