According to a popular cryptocurrency trader, BTC, and ETH, the two most valuable cryptocurrencies by market value, are expected to fall farther into the red.
Bitcoin and Ethereum Price Forecast by Top Crypto Trader
According to pseudonymous cryptocurrency expert Capo, BTC is in a slump, who cautions his 265,300 Twitter followers that purchasing BTC whenever the price appears to be recovering could result in significant losses. Yesterday’s pump has completely reversed. Bull trap validated, and this time the price was around $40K.
When the tendency is downward, any recovery is a bull trap. When the Federal Reserve announced that interest rates would be rising on May 4th, he said that the price of BTC had increased significantly. BTC has since fallen in value. Bitcoin currently has a market cap of $36,634.90, down 7.88% from the previous day.
BTC/USD Chart. Source: CryptoCapo_/Twitter
It isn’t Capo’s only prediction for Ethereum; he also thinks the price might fall to as little as $1,100 in the coming days. According to the expert, ETH is now in an allocation phase to reveal the major smart contract system’s price trend.
ETH/USD Chart. Source: CryptoCapo_/Twitter
Traders should be especially wary of bull traps during a bad market, according to Capo. Don’t fall into the trap once more. You’ve been forewarned. In stables, bears are relaxing. Bulls, on the other hand, are terrified and will eventually submit.
Leading Cryptocurrency Trader Predicts BTC Will Hit Lower Lows, Evaluates ETH
Bennett predicts that Bitcoin will fall to $35K before rising again in the current edition of his Crypocademy newsletter. BTC is currently bouncing off $37.6K, which functioned as resistance in late February and early March. Although the price of Bitcoin has been staying below $39.5K since April 11th, it closed below the mark on May 3rd.
As a result, I believe buyers should exercise caution until the $39.5K is retrieved daily. I believe BTC will test the $35K level before the trough is reached. It will rely on whether or not key levels such as $37.6K and $39.5K hold in the days ahead
BTC/USDT Chart. Source: Justin Bennett/Cryptocademy
A 24-hour drop of 6.84% has seen BTC fall to $36,229, or $36,229. Bennett believes Ethereum, the most popular smart contract system, will challenge $4K shortly, but only after falling below present levels. ETH has been moving lower in a declining channel since the April high.
According to the structure’s goal, the next low will be approximately $2.5K. How successful that remains to be seen. If this is the case, $2,500 will align with the March downtrend and the bottom of an upward channel dating back to January.
I believe the chances of ETH retesting the $2.5 level before the next move higher materializes are rather substantial. If Ethereum recovers there and breaks out of the declining channel depicted, I’ll be looking for a retake of the failing weekly mark at $4K over the next few months. It might seem like a tall goal, but markets are notorious for retesting failed levels before moving on to the next step.