Crypto Trader Predicts New Lows for Bitcoin and Ether Despite Anticipated ETF Approval
Summary:
Renowned cryptocurrency trader, Il Capo of Crypto, has predicted new lows for Bitcoin, Ether, and other digital currencies despite their significant gains in the past year. This comes amidst expectations of the US approving its first Bitcoin ETF. While some see this as an opportunity to attract institutional capital, Il Capo of Crypto and QCP Capital firm suggest a possible significant correction could follow. Regardless, the latter remains optimistic that the market will rally towards the BTC halving after a possible initial pullback.
Despite significant year-to-date gains, a prominent cryptocurrency trader known as Il Capo of Crypto has predicted that Bitcoin (BTC), Ether (ETH), and other digital currencies could experience new lows. The trader, who maintained a $12,000 BTC price target throughout the year, made the bearish assertion on Dec. 22. According to data from Cointelegraph Markets Pro and TradingView, BTC and ETH have risen by 163% and 92% respectively this year. However, Il Capo of Crypto sees these increases as precursor to a dramatic fall, dismisses the excitement about cryptocurrency's potential resurgence in 2023, and foresees an impending crash. He speculates that Bitcoin will peak in the 40k-45k range before a complete downturn.
The trader's pessimism arises amidst anticipation for what many believe to be a groundbreaking moment in Bitcoin's timeline. It is widely expected that the United States may soon approve its maiden Bitcoin spot price exchange-traded fund (ETF), potentially attracting a flood of institutional capital. A price target of $48,000 is prevalent for Bitcoin on the advent of this determination, due no later than Jan. 10.
Il Capo of Crypto previously expressed concerns about market overextension and overly bullish sentiment, predicting a sharp slump. He suggested that even with prices higher than expected, a "blow-off top" could result in a significant correction.
Trading firm QCP Capital, in their final 2023 market update, also asserted that a major correction could be beneficial for the bull market, regardless of the outcome of the ETF confirmation. They conjectured an underwhelming initial demand for the BTC Spot ETF, warning of a potential ‘sell the news’ narrative in the second week of January, and foresaw a possible pullback to 36k levels before a continued upward trend. Nonetheless, they remain confident that the market will consolidate for a vigorous rally towards the BTC halving.
This piece doesn't offer investment or trading advice. Every investment and trade carries inherent risks. Readers must conduct thorough research before making any financial decision.
Published At
12/22/2023 3:32:03 PM
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