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.
As BTC surpassed $45,000 amid growing expectation for the spot Bitcoin ETF to be approved soon, il Capo remained bearish and again shared a bearish forecast.
The analyst expects Bitcoin to make a new peak at these levels and expects BTC to first fall below $44,000-44,500.
Stating that Bitcoin could go up to $47,000 before the decline, il Capo said:
“I expect a local top formation around these levels. However, I do not exclude the possibility that the Bitcoin price will drop a needle to $ 47,000.
Even if BTC reaches $47,000, my opinion is the same: There will be a decline in Bitcoin.
Now the first bearish confirmation will come as BTC price moves back below the 44,000-44,500 range.
While BTC forms the local top, money continues to flow into altcoins and Shitcoins. At this point Ethereum still hasn't reached $2500. This means that ETH and some other altcoins may experience recent increases.
However, once BTC approaches $40,000, which is a strong bearish confirmation. This means that the entire market has reached a local peak and a sharp decline is likely.”
At the time of writing, Bitcoin continues to trade at $45,830 and Ethereum continues to trade at $2,420.
*This is not investment advice.