Crypto Bear Predicts Spot ETF Will Spark Rallies Before 'Massive Correction' For Bitcoin, Ethereum
Portfolio Pulse from Murtuza Merchant
Crypto trader Capo predicts a short-term rally in Bitcoin and Ethereum prices if a spot Bitcoin ETF is approved, followed by a 'massive correction.' Capo suggests that Bitcoin could reach $48,000-$50,000 and Ethereum could hit $2,500-$2,600 before he would start opening swing short positions. His bearish outlook is based on strong whale interest at these levels and the potential for news-driven volatility leading to temporary spikes and sharp drops.
January 09, 2024 | 7:46 pm
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Capo predicts a temporary rally for Bitcoin to $48,000-$50,000 if a spot Bitcoin ETF is approved, followed by a significant correction. He plans to open short positions at these levels, indicating a bearish outlook.
Capo's prediction of a short-term rally followed by a 'massive correction' suggests a negative impact on Bitcoin's price in the short term. His plan to open short positions at higher levels indicates a strong bearish sentiment.
CONFIDENCE 70
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Capo forecasts a brief increase in Ethereum's price to $2,500-$2,600 upon the approval of a spot Bitcoin ETF, but warns of a subsequent 'massive correction.' He is preparing to short Ethereum at these levels.
The prediction by Capo of a temporary increase in Ethereum's price followed by a sharp downturn implies a negative short-term impact. His intention to short Ethereum reinforces the bearish perspective.
CONFIDENCE 70
IMPORTANCE 85
RELEVANCE 100