In a notable warning circulated throughout the cryptocurrency community, pseudonym trader and noted cryptocurrency bear Capo has issued an urgent warning predicting a potential bearish reversal in Bitcoin (BTC) in the coming days. Capo, known for his accurate market analysis, expects the Bitcoin price to plummet to $30,000.
Trader warns of bearish trend
Rooted in Elliott Wave theory, Capo’s market analysis offers a unique perspective. With Bitcoin recently reaching monthly highs between $48,000 and $50,000, Capo suggests that a final pump to $50,000 could be on the cards.
Traders expect a period of sideways trading for BTC following this surge, with the altcoin likely to see increased momentum as funds flow into small-cap assets.
However, Capo’s forecast turns bearish in anticipation of a subsequent market reversal and selloff. Traders hint at a potential correction that would put Bitcoin in the $30,000 to $31,000 range. This level is considered a key support zone and Capo speculates that it could pave the way for a bounce above $33,000.
An SEC-approved rally could set the stage for a market top.”
Earlier this week, capo accurately predicted The cryptocurrency market rebounded following the news that the U.S. Securities and Exchange Commission (SEC) approved a spot Bitcoin exchange-traded fund (ETF). However, he warned that the market could witness a bearish reversal after the rally, potentially hitting a new cycle low.
“It will take a few days for the market to reach a very important local top,” Capo said. From then on, I will initiate a swing short position targeting a new low.”
According to Coinpedia News, Bitcoin is currently trading at $42,896, down nearly 7.44% in the last 24 hours. However, investors and enthusiasts are closely monitoring these developments, as Capo’s previous predictions have been noted for their accuracy.