Bitcoin‘s price is currently at $43,195, and after reaching an all-time high last year, profit-taking has started again. It’s not unusual to see a pullback after every major rally, so the ongoing movement is expected. While the uptrend continues, a rally following the correction is anticipated.
Most analysts expected BTC to undergo a significant correction before its recent move to $44,000. However, the opposite happened, and BTC moved in an unexpected direction. Now, analysts who were expecting a drop are making similar statements while observing a weakening in buying momentum.
For instance, popular crypto analyst Crypto Chase suggests that BTC could experience a “catastrophic” drop to as low as $20,000 in the near future. Yet, other analysts point out that factors such as the lack of expected BTC ETF approvals in previous cycles could change the situation this time around.
Some analysts, especially Il Capo of Crypto, believed that Bitcoin’s price would drop to $12,000 in the new year and gained recognition for accurate predictions in 2022. However, Capo is now more remembered for being the subject of mockery than for his forecasts. Due to constant ridicule, Capo has been sharing his updates only through Telegram for a while.
In Capo’s latest post, he revised his target upwards, stating that Bitcoin’s price would drop to $30,000 and altcoins could experience losses of up to 40%. He believes this crash will mark the beginning of a deeper loss trend. However, it seems Capo’s fate might be similar to that of PlanB, the Dutch analyst who stubbornly claimed the rise would continue at the start of 2022 but went silent after hitting a low in November.