A widely followed crypto analyst is warning that Bitcoin (BTC) is at risk of a sudden collapse.
In a new post on the instant messaging app Telegram, pseudonymous crypto strategist Crypto Capo tells his 121,953 subscribers that Bitcoin may collapse by more than 34% of its current value.
However, the analyst predicts that the flagship crypto asset will first head higher before a severe correction.
“Shorting here makes no sense at all. I’ll be looking at the $94,000-$95,000 zone for potential shorts, but for now, the smart move is staying net long.”
Looking at his chart, the trader says Bitcoin may plummet to $60,000 after tapping $98,000 as a local high.
Bitcoin is trading for $91,690 at time of writing, up 5.1% in the last 24 hours.
Next up, the analyst says he is leaning near-term bullish on Ethena (ENA), a synthetic dollar protocol built on Ethereum (ETH).
“I consider ENA a mid-term investment. That’s why I’m just holding it until August-September (subject to change/ adaptation). We can see how it has formed a massive range. Bearish trend is very oversold here, so a bounce to $0.50-$0.55 keeps making sense. After that, we could see the last capitulation event I’ve been talking about previously. If that happens, I will buy more. If not, just hold.”
ENA is trading for $0.30 at time of writing, up 6% in the last 24 hours.
Lastly, the analyst says the layer-1 asset Toncoin (TON) may rally and break through resistance at $4.58 before plummeting to around $2.10.
“Very clean setup, matching with the rest of the market.”
TON is trading for $3 at time of writing, up 2.9% on the day.
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