Crypto Analyst Foresees Upswing In Bitcoin's Value Before Major Plunge

Pseudonymous trader and prominent crypto analyst il Capo Of Crypto predicts a significant shift in Bitcoin's BTC/USD price. This anticipated change could see an initial rise in Bitcoin's value, soon followed by a considerable decline.

In a post on X on Friday, Capo suggested a downturn for Bitcoin to around the $30,000 mark. This forecast points to a volatile period ahead for the cryptocurrency.

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

"BTC reached $48,000-$50,000 and ETH $2,500-$2,600. A last pump to $50,000 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,” Capo said. 

In the post, Capo employed the Elliott Wave theory and anticipated a brief Bitcoin price surge, potentially hitting $50,000.

Also Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: 'This Is The Beginning'

He suggested that Bitcoin could find support between $30,000 and $31,000, possibly paving the way for a recovery above $33,000.

Earlier on X, Capo foresaw a market rally following the U.S. Securities and Exchange Commission's nod to spot Bitcoin exchange-traded funds (ETFs).

Thoughts for the next few days. pic.twitter.com/J2EzTZtg6N

— il Capo Of Crypto (@CryptoCapo_) January 8, 2024

He saw this rally as a precursor to a bearish trend reversal, culminating in new market lows. This perspective is consistent with his current outlook, advising investors to tread cautiously in the coming days.

At the time of writing, Bitcoin was trading at $42,828.90, down by 3 percent in the last seven days. 

Now Read: Bitcoin Primed To Explode By Over 400%, Says Crypto Analyst

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