Crypto Analyst Slams Internet Computer (ICP): It’s “Going to Zero” — Calls It “a Scam”

A popular YouTube cryptocurrency channel has released a scathing analysis of Internet Computer (ICP), claiming the cryptocurrency is headed for zero and labeling it as a scam. The video presents technical analysis suggesting ICP has been a poor investment since its inception, with only one significant upward price movement in nearly five years.

The criticism comes from Crypto MindSet, a YouTube channel with over 34,000 subscribers. In their analysis, they directly challenge other crypto influencers who have made positive predictions about ICP while criticizing more established cryptocurrencies like Bitcoin.

Historical Performance Concerns

According to the analysts, ICP price chart reveals troubling patterns that should alarm investors. They point to ICP dramatic fall from its initial price of approximately $250 (with intraday highs reaching $800) to its current significantly lower valuation—a decline of approximately 98% since launch.

The analysts explain that they needed to shrink the chart considerably to display the full price history, with the inception price around $250 for the weekly open, demonstrating how far the price has fallen since then.

The analysis notes that in nearly 1,300 days of trading—roughly four to five years—ICP has only experienced one significant upward movement, during what they describe as peak alt season between December 2023 and March 2024.

ICP Labeled as a Rug Pull

The harshest criticism comes when the analysts directly call ICP a rug pull, suggesting the cryptocurrency was designed to attract investors before collapsing in value.

One analyst states bluntly that ICP is a rug pull and the rug itself. They assert that no asset declining 99% can start a new bull market and return to its initial highs. They believe it was launched as a scam that attracted investors who later suffered significant losses in 2022.

Read Also: Is Kaspa a Real Threat to Solana? KAS Price Prediction

Using Heikin Ashi charting techniques to demonstrate their point, the analysts show that ICP has been in a downtrend for nearly all of the time since its launch. They argue that the cryptocurrency’s downward movements are far more dominant than its rare upward price action.

Trading Advice for ICP Enthusiasts

Despite their negative outlook, the analysts do offer conditional trading advice for those still interested in ICP. They suggest that rather than holding the asset long-term, traders should wait for a breakout above the $20 resistance level before considering short-term swing trading opportunities.

For those bullish on ICP who want to make money with it, they advise against wasting time holding or buying what they consider a scam coin. Instead, they recommend waiting for it to break out of its range, specifically above the clear resistance around $20.

Read Also: Onyxcoin (XCN) Price Slides Deeper into Bearish Territory as Indicators Flash Warnings

They emphasize that this coin is going to zero, and traders should treat it merely as a vehicle for quick profits rather than a long-term investment. The analysts suggest taking profits quickly and not becoming emotionally attached to the asset.

The analysts conclude by encouraging viewers to avoid becoming emotionally attached to specific cryptocurrencies and instead focus on consistently profitable trading strategies across various market conditions. They suggest that cryptocurrency enthusiasts would be better served by trading more established cryptocurrencies that have demonstrated reliable growth patterns over time.

They criticize the mentality of holding onto declining assets, suggesting investors should focus instead on taking regular profits and converting them to tangible assets.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post Crypto Analyst Slams Internet Computer (ICP): It’s “Going to Zero” — Calls It “a Scam” appeared first on CaptainAltcoin.