Crypto trader Capo, Bitcoin and other altcoins may soon make a trend reversal to new lows. thinks.
Capo thinks that Bitcoin price could revisit the $30,000 level and then rise again, triggering a correction in the altcoin market.
Bitcoin is likely forming a local top at $40,000-$45,000. Ethereum, on the other hand, can reach $ 2500 and pump altcoins. After that, a full reversal to new lows is likely in the next few weeks.
I believe new lows will be seen before the real bull market begins.
NEWS CONTINUES BELOW
Capo supported his thoughts on why a new low may occur in the coming months with the following words. According to the trader, we generally saw a bullish trend on the higher time frame chart. To many people, this represents the beginning of a new bull market, but to the analyst, it is just a harbinger of a correction.
Using the Elliott Wave theory, Capo stated that the downtrend in 2022 is a move that breaks the 2020-2021 bull market trend. This move from the lows of $16,000 represents a ‘corrective’ move. (B/X wave). This movement tends to be followed by another impulsive movement (C/Y wave).
The analyst, who also shared his Ethereum analysis, predicts that ETH may drop as much as $550 after encountering resistance at approximately $2,600.
Capo suggests that other altcoins are rising on the influx of money from Bitcoin sales, which he says usually indicates an imminent market correction.
