Popular crypto analyst Jason Pizzino predicts further losses for the altcoins market even after its valuation already plunged from a peak of over $900 billion in late 2021 to around $200 billion currently.
In a new video, Pizzino tells his 276,000 YouTube subscribers that the current $221 billion market cap of crypto assets, excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, may still see further decline as the downturn threatens to continue until next year.
“This is something that I’ve talked about a lot looking to the downside for cryptos basically getting to that final dump capitulation low prices that I’ve been anticipating since we started to break down from the major swing levels and, more importantly, the major 50% of $550 billion using the stablecoins included in the altcoin market cap.
This is what we’ve been talking about, somewhere between about $80 to $100 billion and the upside of about $180 billion to $200 billion, so we’re nearly there. It’s not far off and if we take a measured move from about $220 billion all the way down to the top of this zone. That’s about a 23% drop to about 170 billion and that lines up with the previous tops of 2018.”
The analyst says the altcoin market may soon plunge by 20% to 60% with the crash likely to happen anytime within the next 12 months.
“Somewhere between 20% and 60% is what I’m expecting for cryptocurrencies into that final capitulation should we see some sort of dump and potentially they continue to grind that low while Bitcoin regains strength and builds its position as the king again and then starts to take off. This is what I’m expecting for cryptos, altcoins, probably over the next one to 12 months, a short-term time frame as they hit but then they grind out for that longer period of time.”
This article was originally published on dailyhodl.com