Analysts who follow the cryptocurrency market closely announced that they expect a major correction after the rise of Bitcoin (BTC) and Ethereum (ETH). He also reiterated his recent predictions regarding Bitcoin (BTC).
Target of Whales in BTC
Veteran crypto analyst Capo suggested to his followers this week that the potential approval of the Spot Bitcoin exchange-traded fund (ETF) would trigger a short-term rally in Bitcoin and other cryptocurrencies. Analysts say the following about this issue:
Whales are showing strong interest in the $48,000-$50,000 level. News can trigger volatility and leave large wicks. So a rise to this level followed by a major rejection is a possible scenario.
The analyst shared a chart predicting Bitcoin’s price movement over the next few days. The analyst analyzed the charts and predicted that Bitcoin would rise to $51,000 on the news that the spot market Bitcoin ETF was approved. After the rise, experts predicted that Bitcoin would probably drop to the $30,000-31,000 level.
Ethereum Forecast
The senior analyst also expects Ethereum to rise to $2,600 before a correction. He also emphasized that other altcoins are expected to see significant corrections after temporary gains and said:
We have an interesting week ahead of us. ETF news should be published soon. As announced these days, I expect the market to rise first. BTC to $48,000-50,000, ETH to $2,500-2,600. Altcoins need to move higher, especially the lower caps. After this process, which should last several days, the market should reach a very important local peak. That’s when I will start opening short positions, targeting new lows.
Taking further data, the analyst continues his long-standing prediction that Bitcoin will eventually drop to $12,000, saying this will happen around April. At the time of writing, Bitcoin is trading at $46,776, up 7% in the last 24 hours.
