In a notable warning that has circulated across the crypto community, pseudonymous trader and renowned crypto bear, Capo, has issued an urgent alert predicting a potential bearish reversal for Bitcoin (BTC) within the coming days. Capo, known for accurate market analyses, foresees Bitcoin’s price plummeting to as low as $30,000.
Trader Warns of Bearish Trend
Capo’s market analysis, possibly rooted in the Elliott Wave theory, offers a unique perspective. As Bitcoin recently reached its monthly high, ranging between $48,000 and $50,000, Capo suggests that a final pump to $50,000 may be in the cards.
The trader anticipates a period of sideways movement for BTC following this surge, with altcoins potentially seeing increased momentum as funds flow into lower-cap assets.
However, Capo’s forecast takes a bearish turn, with expectations of a subsequent market reversal and dump. The trader hints at a potential correction, placing Bitcoin in the $30,000 to $31,000 range. This level is seen as a crucial support zone, and Capo speculates it may pave the way for a bounce-back above $33,000.
SEC Approval Rally Could Set Stage for Market Top”
Earlier this week, Capo accurately predicted a rally in the crypto market following news of the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs). However, he cautioned that the market might witness a bearish reversal after the rally, potentially marking new cycle lows.
Capo shares, “After this, which should take a few days, the market should reach a very important local top. That’s when I will start opening swing short positions, aiming for new lows.”
As of now, Bitcoin is trading at $42,896, reflecting a nearly 7.44% decrease in the last 24 hours, as reported by coinpedia news. Although, investors and enthusiasts are closely monitoring these developments, as Capo’s previous predictions have garnered attention for their accuracy.
