Veteran trader predicts big dump for Bitcoin is coming

According to some analysis, the trade price of Bitcoin may crash to $30,000 despite the bull sentiments.

The current trade price of Bitcoin is $43,472 & this trade price is 1% high over the last 24 hours trade price. 

The net increment in the trade price of Bitcoin YTD is 161% which is a very big figure for any high market-cap financial asset.

Under the current sentiments, people are predicting $48k as the next stable level for Bitcoin. Many analysts predicted that the $48k trade price will be hit by Bitcoin in the second week of Jan 2023 easily, as the decision on the Bitcoin spot ETF will come.

Despite all the positive sentiments, some crypto analysts predicted that Bitcoin may crash by –17.5 % and that may increase the panic level among retail investors sharply.

Il Capo, a crypto analyst, predicted that the trade price of Bitcoin is going to show fluctuations between 40k-45k and Ethereum may hit $2,500 in the coming week.

According to his analysis, there are huge possibilities where we can predict the significant downfall in the trade price. 

As posted on TG a few days ago, BTC is probably forming a local top here at 40k-45k. ETH could reach 2500s, and some alts could have the last pumps. After this, a full reversal to new lows is likely over the next few weeks.

I will soon post a thread explaining the reasons why I… pic.twitter.com/awvDpw064n

— il Capo Of Crypto (@CryptoCapo_) December 22, 2023

On behalf of the analysis based on multiple factors, this crypto analyst claimed that the situation may get reversed completely. In short, he predicted that the crypto bull momentum may disappear for the long term.

Final conclusions:

The trend has been bullish in 2023, but there are enough reasons to believe that it could be completely reversed and eventually see new lows.

In the end this is my opinion based on a lot of work, and I will keep sharing it no matter what, always respectfully. pic.twitter.com/ee40aucSA5

— il Capo Of Crypto (@CryptoCapo_) December 22, 2023

This analyst confirmed that $40k is still a strong level for Bitcoin but in worst scenario, the trade price could plunge to $30k.

$BTC ltf

Range formed between 40k and 45k.

Price should take the previous high. 45k is a strong resistance zone (heatmaps, options gamma wall, htf resistance…)

40k is a key support. Clean break below this level and we should see a strong drop to the 30k-31k level. pic.twitter.com/E9uFfwoJiK

— il Capo Of Crypto (@CryptoCapo_) December 22, 2023

Money inflow in the crypto market

In the last 7 days, the crypto market saw a net money inflow of $103 million.

Bitcoin saw a net investment inflow of $87.6 million, Ethereum Ethereum (ETH) $7.9 million, & Solana (Sol) $6 million. 

US$103m inflows in digital assets last week, no report on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ

— James Butterfill (@jbutterfill) December 23, 2023

Crypto experts believe that the sudden increment in the money inflow in the crypto market is because of the Christmas Eve occasion. And also noted that crypto festivals are also coming, like Bitcoin halving, and approval of Bitcoin spot ETFs,& obviously US presidential election.

Read also: 29 Dec is the deadline for Bitcoin spot ETF applicants to update filing, what does it mean?