Crypto Trader Forecasts Bitcoin & Altcoin Market Shake-Up

A notable voice in crypto trading circles, Capo, recently hinted at a potential downturn for Bitcoin (BTC) and other alternative cryptocurrencies, signaling a shift towards lower values. He conveyed that might retrace to the low $30,000s, potentially triggering a market correction for altcoins following a brief rally. Analyzing the market trends, Capo suggested that the recent surge in Bitcoin’s price might indicate a local peak within the $40,000-$45,000 range. They also mentioned the likelihood of Ethereum reaching the $2,500s, followed by potential downward movement to around $550 after encountering resistance near $2,600. Capo pointed out that the bullish trend in 2023, particularly in Bitcoin’s case, could be a corrective phase rather than the beginning of a new . Using the Elliott Wave theory, they indicated that the recent price movements resembled a corrective phase, typically followed by another significant movement. Furthermore, Capo observed a flow of funds from Bitcoin to alternative coins, which often signals a shift in market dynamics. This movement, while potentially driving certain altcoins higher, could indicate an overextended market nearing a correction phase. In summary, Capo’s insights suggest caution regarding Bitcoin’s short-term movement, indicating a possible correction that could impact the broader market, with potential implications for both Bitcoin and .