A closely followed crypto market analyst has declared his belief that major corrections are coming for Bitcoin (BTC) and Ethereum (ETH) after their recent rallies. He also reiterated his predictions for Bitcoin (BTC) from past periods.
Whales’ Target in BTC
Senior crypto analyst Capo told his followers that this week’s potential approval of a spot Bitcoin exchange-traded fund (ETF) could ignite a short-lived rally for Bitcoin and other cryptocurrencies. The analyst stated the following:
Whales are showing strong interest in the $48,000-$50,000 level. News can trigger volatility and leave big wicks. Thus, a rise to this level followed by a major rejection is a likely scenario.
The analyst shared a chart predicting Bitcoin’s price movement for the next few days. He suggested that upon the news of the spot market Bitcoin ETF’s approval, Bitcoin could rise to $51,000. Following the rise, experts suggest that Bitcoin will likely fall to the $30,000-$31,000 levels.
Ethereum Forecast
The senior analyst also predicts that Ethereum will rise to $2,600 before a correction. He emphasized that he expects other altcoins to undergo a major correction after a brief upward movement, stating:
We have an interesting week ahead. ETF news should be released soon. As announced these days, I expect the market to rise first. BTC to $48,000-$50,000, ETH to $2,500-$2,600. Altcoins, especially those with lower caps, need to rise more. After this process, which should last a few days, the market needs to reach a very important local peak. That’s when I’ll start opening short positions targeting new bottom levels.
Looking at further dates, the analyst continues his long-standing prediction that Bitcoin will eventually fall to the $12,000 level, indicating that this may happen around April. At the time of writing, Bitcoin has seen a 7% increase over the last 24 hours, trading at $46,776.
