A prominent crypto analyst has predicted significant corrections for Bitcoin (BTC) and Ethereum (ETH) following their recent price surges. The analyst reiterated past predictions about Bitcoin’s trajectory.
Capo, the senior crypto analyst, told his followers that the potential approval of a spot Bitcoin exchange-traded fund (ETF) could spark a short-lived rally for Bitcoin and other cryptocurrencies. He suggested that whales are showing strong interest in the $48,000-$50,000 range, which could lead to a sharp rise and subsequent rejection at this level.
The analyst shared a chart predicting Bitcoin’s price movement over the next few days, suggesting a rise to $51,000 upon the news of the Bitcoin ETF approval, followed by a potential drop to the $30,000-$31,000 range.
In addition to Bitcoin, the analyst forecasted that Ethereum could rise to $2,600 before undergoing a correction. He also expected a similar short-term upward movement for other altcoins, followed by a significant correction.
Looking further ahead, the analyst maintained his long-standing prediction that Bitcoin would eventually fall to the $12,000 level, potentially around April. At the time of writing, Bitcoin had experienced a 7% increase over the last 24 hours, trading at $46,776.