Widely revered cryptocurrency bears believe there will be a major correction for Bitcoin (BTC) and Ethereum (ETH) after a brief rally.
Household name trader Capo told his 83,873 Telegram subscribers that the potential approval of a spot Bitcoin exchange-traded fund (ETF) this week would likely trigger a near-term rally for Bitcoin and other digital assets.
“Whales are showing strong interest in the $48,000 to $50,000 range. News can cause volatility and leave a big impression. So it’s a likely scenario that we’re going to pump to that level and then there’s going to be a big rejection.”
A trader shares a chart predicting Bitcoin’s price movement “over the next few days.”
Looking at his charts, the trader suggested that Bitcoin would soar to $51,000 following news of the spot market Bitcoin ETF approval. He suggested that Bitcoin is likely to correct towards $30,000-$31,000 after the rally as whales are “selling the news.”
The trader also predicts that Ethereum will rise to $2,600 before a correction. And he expects other altcoins to also experience large corrections after brief uptrends.
“We have an exciting week ahead. ETF news will be released soon. As explained these days, we expect the market to boom first. BTC is at $48,000-$50,000, ETH is at $2,500-$2,600. Alt needs to pump more, especially the lower caps. It will take a few days after that and the market should reach a very important local top. From then on, I will initiate swing short positions targeting new lows.”
Looking further ahead, the trader maintains his long-standing prediction that Bitcoin will eventually collapse to the $12,000 level, and his charts suggest this will happen around April.
“BTC HTF (High Time Frame) Idea.”
At the time of writing, Bitcoin is trading at $46,776, up 7% in the last 24 hours. Meanwhile, Ethereum is trading at $2,314 at the time of writing, up 4.7% in the last 24 hours.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created: DALLE3