Bitcoin Trader Warns of Impending Crypto Comedown
Bitcoin, Ether, and other cryptocurrencies are predicted to experience a bearish market in the coming weeks, according to a Bitcoin trader with a $12,000 BTC price target.
The End of the Bull Market
Il Capo of Crypto, a pseudonymous account, has declared the end of the current bull market in a recent post. Despite Bitcoin and Ether's impressive year-to-date gains, the trader believes that a collapse is inevitable.
The trader stated that BTC/USD is likely to form a local top between $40,000 and $45,000 before experiencing a full reversal to new lows in the next few weeks. Additionally, the trader predicted that ETH could reach the $2500 range and that some altcoins may have their last price surges.
Timing of the Bearish Stance
Il Capo of Crypto's bearish stance is noteworthy considering the current state of Bitcoin. The United States is on the verge of approving its first Bitcoin spot price exchange-traded fund (ETF), which many believe will attract institutional capital to BTC. Additionally, there is a popular BTC price target of $48,000 surrounding this decision.
In November, Il Capo of Crypto already made the prediction of the beginning of the end. While prices have surpassed expectations, the trader still sees a correction on the horizon.
Expectations for a Correction
Other analysts also suggest that a significant correction in the bull market would be a healthy catalyst. Trading firm QCP Capital predicts that there may be a 'sell the news' scenario after the ETF confirmation, leading to a retracement to $36,000 levels before the uptrend resumes. However, they remain confident that a strong rally will eventually occur.
This article does not provide investment advice, and readers should conduct their own research before making any decisions.
