An analyst who accurately predicted the market collapse of 2022 states that a significant black swan event could severely impact altcoins before the US election. In a message to his 105,000 subscribers on his Telegram channel, the pseudonymous crypto analyst Capo indicates that OTHERS, which monitors the market cap of all crypto assets excluding stablecoins and the top 10 ranked coins, might experience a considerable decline during the election period.
Capo does not specify what the black swan event might entail but mentions it will likely present an optimal buying opportunity.
“Quick update:
As previously mentioned, several factors could lead to a black swan event before the US election. This could result in a 35% avg. drop for altcoins, implying that big caps might plummet by 25-35%, and low caps by 40-60%.
Once more, this would serve as the final shakeout before the true beginning of an altseason. Thus, if it occurs, simply be prepared and do not panic.
Stay safe.”
Source:
Capo/Telegram
In a more recent Telegram post, Capo mentions that the likelihood of such an event occurring has increased, and he is preparing by offloading some of his altcoin investments.
“Probabilities for this scenario have just increased.
I’ve sold some altcoins to lessen my market exposure, even though I was already protected with a hedge.
Should this scenario not unfold, re-entering positions later poses no problem. Nonetheless, we cannot overlook the data – the market is currently exhibiting significant weakness.”
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