Bitcoin remains in a tight range with low liquidity. Meanwhile, expectations for new local bottoms are rising. Analysts are split for the next BTC levels.
Capo issues a chilling warning that Bitcoin has dropped 70%
The popular crypto analyst is once again sounding the alarm, this time for Bitcoin and the overall market. Known for accurately predicting market fluctuations, you can take a look at Capo’s accurate predictions here.
In his current analysis, he said the bear market is far from over. Capo claims that Bitcoin’s recent surge from $15,700 to $30,000 was only a short-lived correction.
Capo predicts a catastrophic drop in the market as Bitcoin potentially drops to $12,000 and Ethereum faces a drop of over 70%. Altcoins, on the other hand, may experience a decline in prices ranging from 60% to 80%. The analyst advises caution in light of this grim prediction.
Not everyone agrees: Credible expects boom in altcoin market (before)
While Capo expects Bitcoin to drop to $12,000 and Ethereum to drop over 70%, another crypto analyst, Credible, said Ethereum is poised for a strong rally.
You can check out Credible’s accurate predictions here. In his current analysis, he warns that although ETH is waiting to rally, it will see a major correction later on…
Since my last tweet we did see some relief on $ETH but fell short a bit from my upside target.
Lots of alts testing key support levels, so I think the ETH chart is a good representation of what I expect on other alts in general over the coming days- some relief to the upside… https://t.co/O9lKjPRdYL pic.twitter.com/u01GWFLc0x
— CrediBULL Crypto (@CredibleCrypto) May 14, 2023
In a long thread of tweets in which he updated his analysis of ETH, he said, “We’ve seen some relief in ETH. However, we fell slightly behind my upside target. Many altcoins are testing key support levels. So I think the ETH chart is a good representation of what I expect from other altcoins in general in the coming days,” he wrote.
Credible’s view of Ethereum reflects its view of the broader altcoin market.
Credible expects $2,000 first in ETH price
The analyst’s chart predicts Ethereum to surge above $2,000 before correcting to $1,500. Ethereum is currently trading just below the $1,800 zone. It lost around 1.5% during the day.
Credible’s Bitcoin price forecast
As for Bitcoin (BTC), the leading crypto will likely return to their former highs this year.
In recent Bitcoin analysis, “There is a $20,000 gap. Many people use it as justification for a deeper pullback from current levels. If I am correct in my thesis regarding ATH levels in 2023, this gap should not be filled. If you were to ask me if it’s 20,000 or 70,000 coming first, I’d say $70,000 or more first,” he wrote.
There’s a gap at 20k that a lot have been eyeing up and using as justification for a deeper pullback form current levels.
If I’m right about my thesis for new ATH in 2023- that gap should go unfilled.
If you were to ask me which comes first- 20k or 70k+, I’d say 70k+.$BTC https://t.co/dgJxmHKh6u
— CrediBULL Crypto (@CredibleCrypto) May 14, 2023
BTC is currently trading at $26,688.52. The week started in a narrow range with low liquidity. Other 3 crypto analysts like Credible have similar views that Bitcoin is likely poised for a parabolic surge.
Bitcoin is showing bullish signals on the weekly chart, according to Michaël van de Poppe
Bitcoin continues to trade above two key technical indicators on the weekly timeframe despite pulling back from the key psychological resistance of $30,000, according to the popular crypto analyst.
“Bitcoin is breaking up and testing $27,600. These are good signs. It should hold the 200 moving average and the exponential moving average on the weekly timeframe. I think we’re heading towards $38,000-42,000 from here,” he writes.
#Bitcoin breaks upwards and tests $27,600.
Good signs.
Weekly timeframe; Holding 200 MA and EMA.
I think we're continuing towards $38,000-42,000 from here. pic.twitter.com/gduHkOFUHu
— Michaël van de Poppe (@CryptoMichNL) May 15, 2023
Kaleo is also optimistic about Bitcoin
Kaleo, a prominent BTC whale, said that he thinks Bitcoin has started to move towards new annual highs of $40,000 after it managed to reclaim support at around $27,000.
The crypto analyst and trader argues that $40,000 is still a magnet for BTC.
I’m a fan of this breakdown / reclaim. See this a pretty solid r/r long setup for a potential move back to range highs.
And yes, $40K is still a magnet. pic.twitter.com/kNc7r3DuDv
— K A L E O (@CryptoKaleo) May 15, 2023
Analyst who knows 2018 BTC bottom confirms ‘return’
The technical analyst, nicknamed Bluntz, says that BTC’s $30,000 correction is likely over and now looks set to resume its uptrend.
In his technical analysis, he said, “After Friday’s reversal, it’s starting to get nice daily trailing candles for BTC. If this is a triple-wave ABC drop, new highs are potentially on the table. While many now expect more negativity, sentiment seems to have reversed here.” he wrote.
starting to get some nice follow through candles on daily for #btc after fridays reversal.
if this was a 3 wave abc down complete then new highs are potentially on the table.
sentiment does seem to have flipped down here with many expecting further downside now pic.twitter.com/gAOZuFJ9ha
— Bluntz (@Bluntz_Capital) May 15, 2023
Finally, let’s mention that there is less than a year left until the next Bitcoin halving cycle. In this regard, we have compiled the analysis of historical data as Kriptokoin.com in this article.
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