While the likelihood of the SEC's approval of spot Bitcoin ETF applications increased, Bitcoin rose above $ 47,000 in the face of this positive news.
While this rise in BTC made investors happy, new statements came from the analyst using the pseudonym Capo, who made a name for himself with his accurate predictions about the Bitcoin and cryptocurrency market in 2022.
Capo of Crypto, who is known for his bearish views and is frequently criticized by investors for his bearish comments, evaluated Bitcoin on Telegram.
Pointing out that long positions increased with this rise in Bitcoin, the analyst said that he expected a decline for long positions to be liquidated and cleared before ETF approval.
At this point, il Capo stated that he expected a decrease to the range of $ 44,000-45,000 before the ETF approval, and said that he expected a recovery in the BTC price with the ETF news and that the price could rise to between $ 48,000- $ 50,000.
“It wouldn't surprise me what happens today or tomorrow.
Because with the rise in Bitcoin, long positions have increased recently. At this point, I expect BTC to drop to the $44,000-$45,000 level first to liquidate these long positions.
“But then, with the ETF news, I expect a rapid recovery in BTC and pumping to the $ 48,000-50,000 level.”
Bitcoin is at $46,580 at the time of writing.
*This is not investment advice.