Crypto Bear Issues Urgent Bitcoin Warning, Says BTC Should Pump Before It Reverses and Drops – Here's His Outlook
A widely followed crypto trader warns that Bitcoin (BTC) could see an abrupt downward trend reversal within days.
Pseudonymous trader and crypto bear Capo tells his 792,900 followers on social media platform X that Bitcoin could soon crash to as low as $30,000.
“To update.
BTC reached $48,000 to $50,000 and ETH reached $2,500 to $2,600. A final pump to $50,000 is possible. Then BTC should move sideways while altcoins pump more (money flows into low-caps). After a few days, the entire market should reverse and crash.”
Source: Capo/X
When looking at his chart, the trader uses the Elliott Wave Theory, which states that the main trend of an asset's price moves in a five-wave pattern, while a correction occurs in a three-wave pattern.
According to Capo, the fifth wave could catapult Bitcoin to $50,000, which could lead to capital rotation into altcoins. The analyst also says that Bitcoin could then fall to the $30,000-$31,000 range, which could act as support and lead to a possible price rise above $33,000.
Earlier this week, Capo predicted that the crypto market would rally after news that the US Securities and Exchange Commission (SEC) was approving spot Bitcoin exchange-traded funds (ETFs). He predicted that after the rally, the crypto market would peak, experience a bearish trend reversal, and set new cycle lows.
“After that, which should take a few days, the market should reach a very important local top. Then I will start opening swing short positions and aim for new lows.”
Bitcoin is trading for $42,596 at the time of writing, down nearly 7.44% in the last 24 hours.
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