Bitcoin Faces Potential Drop to $30K, Analyst Warns

A highly followed cryptocurrency analyst is cautioning about a potential swift shift to a bearish trend for Bitcoin (BTC) in the coming days. Popular trader Capo suggested hat might experience a significant downturn, possibly reaching as low as $30,000. In an update, Capo observed that BTC had reached the range of $48,000-$50,000 and at $2,500-$2,600. He mentioned the possibility of a final push to $50,000 before Bitcoin enters a sideways phase, allowing altcoins to gain momentum, particularly those with lower market capitalization. Following this, Capo anticipates an overall market reversal leading to a decline. Capo’s analysis employs the Elliott Wave theory, which asserts that an asset’s price follows a five-wave pattern in its main trend, accompanied by a three-wave correction. According to his interpretation, the fifth wave could propel Bitcoin to $50,000, prompting a rotation of capital into alternative coins. Subsequently, Capo suggests that Bitcoin may experience a decline to the $30,000 to $31,000 range, potentially finding support and initiating a rebound above $33,000.