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Crypto investors had a fast start to the new year, and the equally rapid January has ended just as quickly. After adrenaline-filled days, the ETF approval finally arrived, followed by massive sell-offs that turned the outlook negative. The month of January started well but is about to end at the same price level it began, making it a memorable one.
Crypto Currency Expert Forecast
Michael Poppe has long been known for his optimism about the markets. As one of the most followed crypto commentators worldwide, he sometimes faced criticism from investors for his over-optimism. However, his comments on the ETF pricing (up to the sell-offs) were largely correct.
Keeping the above information in mind, let’s see what he said today.
“The range in Bitcoin is still relatively open.
If we assume that we’ve seen the end of the correction after the ETF launch, it seems likely that we will consolidate from here.
Perhaps for Altcoins to perform better, Bitcoin’s price needs to make another rise to the $48,000-$50,000 range.”
Capo’s Bitcoin Prediction
In the second half of 2022, almost everything he said came true. The main reason was that we were in a bear market, and unlike most analysts, Capo had accepted this. However, for almost the last year, Capo has been largely wrong in his predictions. This is due to his inability to emotionally detach from the bear markets, unlike the period when he was successful.
Despite the $15,000 region bottom, Capo was predicting a BTC drop to $12,000. Even as the price rose over 100%, Capo did not back down from his prediction. His short positions in Altcoins turned profitable for a short period but faced massive losses by the end of December. Then, as he began to move away from the bear market sentiment and his emotional approach, he started to make more consistent comments.
Today, he wrote the following;
“The analysis is yielding results so far. BTC should first reach 44k-45k and then probably 50k. This will trigger the big FOMO again and liquidate all early short positions. However, this will also complete wave 5 of C and mean the end of the bear market rally.
On the other hand, Altcoins are bouncing nicely, and I expect them to continue pumping as long as BTC stays in the 40k-50k range (local peak formation/distribution).”
