Bitcoin price is currently at $43,195 and after reaching an all-time high in the past year, profit-taking has re-emerged. It’s not surprising to see a pullback after every major rally, so the ongoing movement is not unexpected. As the upward trend continues, a rally is expected to follow the correction.
Crypto Analyst Comments
Most analysts were expecting BTC to experience a significant correction before the recent $44,000 move. However, the opposite happened, and BTC moved in the opposite direction of expectations. Now, we see analysts who were expecting a decline are making similar statements as they see weakening buying momentum.
For example, popular crypto analyst Crypto Chase says that BTC could experience a catastrophic drop to $20,000 in the near future.
“I haven’t changed my bias. I expect BTC price to make deeper lows before the new ATH.”
However, there’s a problem. In previous cycles, there wasn’t an expectation for BTC ETF approval. Furthermore, extreme selling in the last bear market had devastating consequences, and BTC may have already experienced the expected destruction. RektCapital shares a similar view, saying that the historical drop before the halving may not be an exception this year.
Capo and Bitcoin Prediction
Il Capo of Crypto, known by his pseudonym, ceased to actively use Twitter in 2023. The analyst, who strongly believed that Bitcoin price would plummet to $12,000 in the new year and gained fame with his accurate predictions in 2022, also attracted many investors. However, Capo is now remembered more for his mockery rather than his predictions.
Due to the relentless mockery, Capo has been sharing updates only via Telegram for a long time. In his latest post dated December 1, he had raised his target a bit. According to the analyst, with Bitcoin’s price dropping to $30,000, we could witness altcoins experiencing losses of up to 40%.
He believes that this capitulation event will be the start, and the losses will deepen. Still, it seems that Capo’s fate will continue to resemble that of PlanB. The Dutch analyst, who persistently claimed in early 2022 that the rise would continue, went quiet when November hit its low. Now, Capo may be waiting for the day when he will fall silent by saying the opposite things.