A Crypto Trader Warns of New Lows for Bitcoin and Altcoins
A well-known crypto trader is cautioning that Bitcoin (BTC) and other altcoins may soon experience a sudden trend reversal, leading to new lows. The trader, Capo, reveals on the social media platform X that Bitcoin could revisit the low $30,000 range before alts rally one more time and then undergo a significant correction.
Analyzing Bitcoin’s High Timeframe
Capo bases his prediction on the Elliott Wave theory, which suggests that price movements occur in waves due to crowd psychology. He believes that the current bullish trend is actually a corrective move and that Bitcoin is at a major resistance zone, indicating a potential reversal to new lows in the coming weeks.
Predictions for Ethereum and Altcoins
The trader also discusses Ethereum’s price action, predicting a decline to around $550 after facing resistance at $2,600. Additionally, Capo notes that altcoins are surging due to money flowing out of Bitcoin, which often signifies an approaching market correction.
Hot Take: Brace Yourself for New Lows
According to Capo, both Bitcoin and altcoins are likely headed for new lows in the near future. Despite recent rallies and bullish trends, he warns that a correction is imminent. Traders should be prepared for potential price declines in the coming weeks as the crypto market undergoes a significant shift.
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