“Capo of Crypto”, one of the well-known analysts of the crypto market, said that the sharp decline in the second week of October may be just the beginning. The anonymous investor, who became famous for predicting the big collapse in 2022, used the phrase “pre-black swan event” in his analysis shared on October 11. According to Capo, there has been a “historic capitulation” in altcoins, but some large projects have still not fully “completed the liquidation process.”
Similar Concerns Came from Other Analysts
Analyst, Bitcoin 
$111,822.89He argued that although (BTC) still remains above $100,000, “the price must fall to the $60,000-$70,000 range for a real correction.” This shows that downside risk is still high in the crypto market.
Capo’s comments came at a time when other analysts were also giving bearish signals. For example, popular analyst Michaël van de Poppe stated that “if Bitcoin falls below $95,000, there could be a huge wave of panic.” On the other hand, some market experts argue that these declines may be a “buying opportunity” for long-term investors.
Trump’s Tariff Shock Created a Crisis
Capo’s warning came after the sharp fluctuation in global markets. Former US President Donald Trump’s announcement that he would impose 100 percent customs duty on China shook the markets and pushed investors to avoid risk. Following this development, Bitcoin dropped to $102,000 in futures transactions, while the price fell below $110,000 for a short time in the spot market. Ethereum (ETH) 
$3,836.17Solana (SOL), XRP and Dogecoin 
$0.196163 Leading altcoins such as (DOGE) experienced declines of 15 to 30 percent.
More than $7 billion in leveraged long positions were liquidated in just a few hours, according to data provider CoinGlass. In his post on his Truth Social account, Trump wrote that China stated that it will “imposed export restrictions on almost all products” starting from November 1, 2025. This statement raised concerns that global trade wars would come to the fore again.
As a result, the selling pressure experienced in the crypto market in recent days is caused by both macroeconomic uncertainties and breaks in investor psychology. Historically, “black swan” events have heralded periods of sustained upswings followed by major declines. However, in the current situation, the high level of uncertainty requires investors to remain cautious. In particular, the course of the US-China trade tension stands out as the most important factor that will determine the direction of the market.
