What is the potential extent of Bitcoin’s price decline in January?

In an alarming warning that has been circulating within the crypto community, the well-known crypto bear and pseudonymous trader, Capo, has issued an urgent alert predicting a potential bearish reversal for Bitcoin (BTC) in the near future. Capo, who is known for providing accurate market analyses, foresees Bitcoin’s price plummeting to as low as $30,000.

Update.
Bitcoin (BTC) has recently reached a range of $48,000 to $50,000, while Ethereum (ETH) has reached $2,500 to $2,600.

Capo suggests that there may be one final surge to $50,000 for Bitcoin before entering a period of sideways movement, during which altcoins may experience increased momentum as funds flow into assets with lower market capitalization. However, Capo’s forecast takes a bearish turn, with expectations of a subsequent market reversal and dump. The trader hints at a potential correction, placing Bitcoin in the $30,000 to $31,000 range. This level is considered a crucial support zone, and Capo speculates that it may pave the way for a bounce-back above $33,000.

Capo’s market analysis, which may be based on the Elliott Wave theory, offers a unique perspective. Earlier this week, Capo accurately predicted a rally in the crypto market following the news of the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs). However, he cautioned that the market might experience a bearish reversal after the rally, potentially reaching new cycle lows.

Capo states, “After this, which should take a few days, the market should reach a very important local top. That’s when I will start opening swing short positions, aiming for new lows.”

Currently, Bitcoin is trading at $42,896, reflecting a nearly 7.44% decrease in the last 24 hours, as reported by Coinpedia News. Investors and enthusiasts are closely monitoring these developments, as Capo’s previous predictions have gained attention for their accuracy.