While Bitcoin experienced significant price movements in the dynamic cryptocurrency world, the conflicting perspectives of leading analysts created excitement. Here are the details…
Bitcoin above $37,000: Crypto Capo expects decline
Bitcoin, the pioneer of the crypto world, showed a strong performance last week, gaining over 7 percent in value. The cryptocurrency, whose current value is $37,100 per coin, has become the focus of investors looking for lucrative opportunities. However, in the midst of the bullish trend, “Il Capo of Crypto”, a famous trend analysis figure, sounded a note of caution. Despite the positive sentiment prevailing in the market, Il Capo still believes that the bearish scenario is a reasonable outcome. Expressing concern about the mismatch between market sentiment and the macroeconomic situation, the analyst suggests that the ongoing volatility may be artificially prolonging the bull run.
Il Capo’s warning words coincide with a sudden correction in the price of Bitcoin, which is currently trading around $36,500. Il Capo emphasizes that further confirmation is needed. It also suggests that based on daily technical chart reviews, a bearish scenario may emerge. The analyst declares the current volatility a “fabrication” and urges crypto market participants to exercise caution.
Shelby also made grim predictions
Another crypto analyst named Shelby on the TradingView platform also contributes to the discussion, offering a dire outlook. Shelby predicts a major crash in the crypto market, drawing parallels between the current trend pattern and the events of 2020. According to the analysis, the upward trend may end between the 1st and 2nd quarters of 2024. Moreover, the price targets are scary. Because he predicts a decline of more than 50% for both Bitcoin and Ethereum. Shelby points to historical data, citing similarities between the current market situation and the pre-2020 crash. The analyst expects Bitcoin to fall below $15,000 and Ethereum to fall below $500 in the first half of 2024. Despite the gloomy forecasts, Shelby sees hope and predicts a significant rally for both assets by 2025.
Bitcoin’s trend pattern in 2019 so far looks eerily similar to that in 2023. Just like in November 2023, Bitcoin price rebounded in November 2019 and took the rest of the crypto market with it. This rise in price will continue in the early periods of 2020. However, this rise will stop after a short time. Historical data shows that BTC’s price peaked at just above $10,000 in February 2020 before the collapse began. By March, the asset’s price had fallen almost 50% to $5,400 before the halving occurred. This kind of collapse is what the analyst is pointing to.
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