A popular crypto analyst is predicting more price drops for the already volatile altcoin markets.
The pseudonymous crypto trader Capo tells his 318,700 Twitter followers he expects the prices of altcoins to fall in the coming days.
“Everything points to another 40-50% drop in altcoins over the next few days.
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That should be the last leg down and we could see a good recovery after that, for some weeks.”
Capo, however, doesn’t believe new all-time highs will happen anytime soon.
“I expect a good recovery after this last leg down (100-500% bounces depending on the coin), but later this year we could see the continuation of the bear market. Not expecting new ATHs until mid-late 2024 (post next halving).”
The analyst predicts massive volatility for THORChain (RUNE), a decentralized exchange protocol aiming to facilitate the secure and cheap transfer of assets between different blockchains.
RUNE, the native asset of THORChain, is trading at $3.04 at time of writing. The 70th-ranked crypto asset by market cap is up 1.2% in the past 24 hours.
Capo shared a chart indicating he thinks RUNE could drop all the way to the $1.09 range, a nearly 65% decrease. The chart also indicates the crypto asset could then spike back up to the $3.70 range.