Bitcoin Faces Potential Drop to $30K, Analyst Warns
A highly followed cryptocurrency analyst is cautioning about a potential swift shift to a bearish trend for Bitcoin (BTC) in the coming days.
Popular trader Capo suggested hat Bitcoin might experience a significant downturn, possibly reaching as low as $30,000.
Update.$BTC reached 48k-50k and $ETH 2500-2600.
A last pump to 50k is possible. Then $BTC should go sideways while altcoins pump more (money flowing to low caps). After a few days, the entire market should reverse and dump. https://t.co/3EF1NPS7uI pic.twitter.com/H5s4m0VI40
— il Capo Of Crypto (@CryptoCapo_) January 12, 2024
In an update, Capo observed that BTC had reached the range of $48,000-$50,000 and ETH at $2,500-$2,600. He mentioned the possibility of a final push to $50,000 before Bitcoin enters a sideways phase, allowing altcoins to gain momentum, particularly those with lower market capitalization. Following this, Capo anticipates an overall market reversal leading to a decline.
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Capo’s analysis employs the Elliott Wave theory, which asserts that an asset’s price follows a five-wave pattern in its main trend, accompanied by a three-wave correction. According to his interpretation, the fifth wave could propel Bitcoin to $50,000, prompting a rotation of capital into alternative coins.
Subsequently, Capo suggests that Bitcoin may experience a decline to the $30,000 to $31,000 range, potentially finding support and initiating a rebound above $33,000.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
