An analyst who has accurately called the 2022 market collapse says a massive black swan event could crush altcoins ahead of the US elections.
Writing to his 105,000 subscribers in his Telegram channel, pseudonymous crypto analyst Capo says that OTHERS, which tracks the market capitalization of all crypto assets except stablecoins and the top 10 ranked coins, is heading for a massive drop during the elections could die.
Capo isn’t making any predictions on what exactly the Black Swan event could be, but says it will likely be an optimal buying opportunity.
“Quick update:
As mentioned earlier, several factors could lead to a black swan before the US elections. This would give an average of 35%. drop for altcoins, meaning big caps could dump 25-35%, and low caps could dump 40-60%.
Once again this would be a very last shakeout before a real altseason could begin. So if it happens, be prepared and don’t be afraid.
Pay attention to your safety.”
In a more recent post on Telegram, Capo says that the likelihood of such a scenario has now increased and that he is preparing by divesting some of his altcoin holdings.
“The odds for this scenario have just increased.
I sold some altcoins to reduce my exposure to the market even though I was already covered in a hedge.
If this scenario does not occur, there is no problem re-taking positions later. However, we cannot ignore the data – the market is showing significant weakness at the moment.”
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Generated image: Midjourney