Crypto Trader Forecasts Bitcoin & Altcoin Market Shake-Up
A notable voice in crypto trading circles, Capo, recently hinted at a potential downturn for Bitcoin (BTC) and other alternative cryptocurrencies, signaling a shift towards lower values.
He conveyed that Bitcoin might retrace to the low $30,000s, potentially triggering a market correction for altcoins following a brief rally.
As posted on TG a few days ago, BTC is probably forming a local top here at 40k-45k. ETH could reach 2500s, and some alts could have the last pumps. After this, a full reversal to new lows is likely over the next few weeks.
I will soon post a thread explaining the reasons why I… pic.twitter.com/awvDpw064n
— il Capo Of Crypto (@CryptoCapo_) December 22, 2023
Analyzing the market trends, Capo suggested that the recent surge in Bitcoin’s price might indicate a local peak within the $40,000-$45,000 range. They also mentioned the likelihood of Ethereum reaching the $2,500s, followed by potential downward movement to around $550 after encountering resistance near $2,600.
READ MORE: Bitcoin: The Two Catalysts That Could Spark The Next Bull Run
Capo pointed out that the bullish trend in 2023, particularly in Bitcoin’s case, could be a corrective phase rather than the beginning of a new bull market. Using the Elliott Wave theory, they indicated that the recent price movements resembled a corrective phase, typically followed by another significant movement.
$BTC EW perspective
The bearish trend during 2022 was an impulsive move that broke the 2020-2021 bull market trend. Now, the move from the 16k low looks like a corrective move (wave B/X). This move tends to be followed by another impulsive move (wave C/Y). pic.twitter.com/I95b9gUkoY
— il Capo Of Crypto (@CryptoCapo_) December 22, 2023
Furthermore, Capo observed a flow of funds from Bitcoin to alternative coins, which often signals a shift in market dynamics. This movement, while potentially driving certain altcoins higher, could indicate an overextended market nearing a correction phase.
In summary, Capo’s insights suggest caution regarding Bitcoin’s short-term movement, indicating a possible correction that could impact the broader altcoin market, with potential implications for both Bitcoin and Ethereum.
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.
