It has been just revealed that Bitcoin’s price could crash to $12k. Don’t be alarmed, because we all know that this only means one thing – accumulation time!

Bitcoin could crash to $12k

A popular cryptocurrency analyst and trader is expressing pessimism about Bitcoin (BTC) after a market correction that coincided with Binance and its former CEO Changpeng Zhao pleading guilty to US federal charges.

The analyst, who goes by the pseudonym Capo, is warning his 764,900 followers on the X social media platform that the “beginning of the end” is near.

According to Capo, a significant capitulation event is on the horizon and will occur before the end of the cryptocurrency bear market.

A follower recently asked a pseudonymous analyst whether Bitcoin is heading to $12,000. The analyst responded that it is still likely and if Bitcoin crashes to a price last witnessed in October 2020, that would mark the bottom.

Currently, Bitcoin is trading at $37,369, which is up from its one-week low of $35,632.

Regarding altcoins, the analyst suggests that they could experience more significant corrections than Bitcoin if BTC falls to the analyst’s price target of $12,000.

According to the analyst, some altcoins are already showing signs of reaching a market top.

“Sentiment right now is extremely bullish…

This sentiment and the price action don’t correspond to the current macro state (forming a divergence) and most charts look overextended and with declining volume. They are prolonging this run as much as possible, but the longer the artificial run…”

Bitcoin in the news

On-chain analyst Willy Woo, who has a following of one million on social media platform X, predicts that Bitcoin (BTC) is unlikely to drop below $30,000 if a pattern that has held true since 2012 remains intact.

Woo is closely monitoring Bitcoin’s cost density map, which shows where long-term Bitcoin holders purchased their coins and how those levels have changed over time.

After observing the contour map, Woo has identified a pattern that outlines areas where investors strongly agree on the value of BTC.

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