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Renowned cryptocurrency analyst Captain Faibik recently assessed the current market scenario, indicating a potential strong correction phase for both Bitcoin 
$101,765 and Ethereum 
$3,417 following the latest downward trend. According to the analyst, Bitcoin’s bullish cycle might have reached its peak, with a risk of up to a 50% decline possible. On the Ethereum front, Faibik sees a potential 30% pullback on the horizon.
Breaking the Rising Wedge in Bitcoin
Through his social media platform, Captain Faibik shared a BTC/USDT weekly chart, highlighting the breakout of a broadening wedge formation that had been building up over the past two years. The Bitcoin price swiftly pulled back from $115,000 to the $105,000 range. Faibik warned that the formation target could extend to the $50,000 level, noting a potential 49.6% mid-term correction.
The analyst suggests that the current market structure indicates the apex of the bull cycle, with profit-taking activities expected to accelerate. The red area on the chart represents the expected risk range if the price continues to dip below the ascending trend line. Faibik also mentioned that should Bitcoin fall below $100,000, the selling pressure could escalate further.
Technically, the Relative Strength Index (RSI) and volume dynamics favor the analyst’s bearish outlook. The wedge formation’s breakout, coupled with high volatility, has led institutional investors to reduce their positions.
Testing Ethereum’s Main Trend Line
For Ethereum, Faibik highlighted a long-standing ascending trend line providing critical support. The ETH/USDT pair, having initiated a pullback from the $4,000 level, has receded to around $3,770. The analyst suggests that breaking this trend line could see the price fall to the $2,400 area.
The shared chart indicates a potential 37.4% decline. Should Ethereum tumble to these levels, Faibik added that the general market sentiment could deteriorate further, pushing investors into a risk-off mode.
Ethereum’s performance has been notably correlated with Bitcoin in recent months, with diminishing ETF flows also fueling the selling pressure. Analysts have heightened their warnings as breaking trend supports in charts could unleash a chain reaction of liquidations in the market.
Analyst’s Striking Commentary on Memecoins and Altcoins
Furthermore, on social media, Faibik made a notable statement about memecoins, questioning their impact on the crypto market. He stated, “To be honest, the market would be much healthier without the rise of memecoins. Since their emergence, we haven’t seen a true altcoin season. Focus has shifted from utility and fundamentals to hype, manipulation, and pure speculation. I’ve never been a fan of memecoins as I believe they’ve harmed the integrity of the cryptocurrency market. Instead of promoting innovation and real-world utility, the market has been filled with scams, greed, and short-term noise. Cryptocurrencies were created to revolutionize finance, not to turn into a scam casino.”
