A widely followed crypto bear follows short-term rallies Bitcoin and is of the opinion that major corrections are coming for Ethereum.
The trader nicknamed Capo says the possible approval of a spot Bitcoin exchange-traded fund (ETF) this week would spark a short-term rally for Bitcoin and other digital assets.
“Whales show great interest in the $48,000-$50,000 level. News can trigger volatility and leave large wicks. “So a pump to this level and then a major rejection is a likely scenario.”
The trader shared a chart predicting Bitcoin’s price movement “for the next few days.”
Trader, spot market Bitcoin ETFHe suggests that Bitcoin will rise towards $51,000 following the news of the approval of . Following the rally, he suggests Bitcoin will likely fall to $30,000-31,000 levels as whales “sell the news.”
The trader also predicts that Ethereum will rise as high as $2,600 before correcting. and other altcoinHe expects ‘s to experience a major correction after a brief upward movement.
“We have an interesting week ahead of us. ETF news should be released soon. As announced these days, I wait for the market to pump first. BTC may rise to $48,000-50,000 and ETH to $2,500-2,600. Altcoins should rise further. After this, which will take several days, the market should reach a very significant local top. That’s when I will start opening swing short positions, targeting new lows.”
Looking further ahead, the trader maintains his prediction that Bitcoin will eventually drop to the $12,000 level. Additionally, according to the chart, this decline will occur around April.
Bitcoin is trading at $46,776 at the time of writing, up 7% in the last 24 hours. Meanwhile, Ethereum It is trading at $2,314 at the time of writing, up 4.7% in the last 24 hours.