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While the cryptocurrency market continues its upward momentum and investors maintain their optimism, a striking claim has been made. Accordingly, the investor Capo of Crypto, who has maintained a $12,000 Bitcoin price target throughout the year, says that Bitcoin, Ethereum, and other crypto assets are in line for new lows despite the recent rise. The trader claimed in his last post on December 22nd that the current bull market had ended.
Eye-Catching Predictions for Bitcoin
According to TradingView data, Bitcoin may have increased by 163% and Ethereum by 92% since the beginning of the year, but for Il Capo of Crypto, who always makes striking statements, the crash is only a matter of time. Stubbornly refusing to believe in the excitement about the dynamics of the crypto market in 2023, Capo now believes that a doomsday scenario is lurking around the corner. Reiterating his previous analysis sent to Telegram channel subscribers, he said that the BTC/USD pair has probably formed a local peak in the range of $40,000 to $45,000 and commented:
“Ethereum can reach the level of $2,500 and some altcoin projects may have their last surges. After that, a full reversal towards new lower levels is likely in the next few weeks.”
Although not unusual, Il Capo of Crypto’s bearish prediction comes at a notable time for Bitcoin. As the United States is on the verge of approving its first Bitcoin spot price exchange-traded fund (ETF), this step will go down in history as an event that for the first time exposed Bitcoin to institutional capital on a mass scale.
During this process, the $48,000 level continues to be a popular Bitcoin price target for this decision, which must be made by January 10th at the latest. Meanwhile, in November, Il Capo of Crypto had announced the beginning of the end:
“Prices are higher than expected, but everything is extremely overextended, and sentiment is extremely bullish. A major correction is expected, perhaps a blow from the top.”
Analysts Expect $36,000 Level
Along with Capo of Crypto, many experts also agree that a more significant correction than what has been seen so far would be a healthy factor for a bull market. The trade firm QCP Capital, in its latest market update for 2023, concluded that such a scenario could follow the ETF approval, even if it is positive, and stated in its report:
“As we finally approach the launch, we need to point out that the actual demand for the BTC Spot ETF is likely to fall below market expectations initially. This will lead to a classic ‘sell the news‘ scenario in the second week of January.”
“Therefore, we expect a potential pullback to the $36,000 levels before the continuation of the uptrend, with upper resistance in the $45,000 to $48,500 region for Bitcoin. As the market positions itself for a strong rally towards the Bitcoin Halving event, we are confident that the uptrend will eventually continue.”
