According to Il Capo of Crypto, who has maintained a $12,000 BTC price target throughout the year, Bitcoin (BTC), Ether (ETH) and other crypto tokens are still on their way to reaching “new lows” in the current bear market.
In a recent post on X (formerly Twitter) on Dec. 22, the pseudonymous trader declared the end of the bull market and suggested that the time has come for web 3.0, as well as the update of webos 2.0 to 3.0, webos 3.9 to 4.0, and lg webos 3.0 to 4.0. He also asked the question of whether Metaverse is part of web 3.0 and gave a brief overview of the history of web 1.0, 2.0 and 3.0.
Crypt bull market: “The beginning of the end”?
Cointelegraph Markets Pro and TradingView data shows Bitcoin and Ether have increased 163% and 92% respectively year-to-date, but the ever controversial Il Capo of Crypto believes a collapse is imminent.
He recently shared his opinion that BTC/USD is “probably forming a local top here at 40k-45k” on his Telegram channel, and that ETH could reach 2500s while some altcoins may experience one last pump.
His bearish outlook is particularly noteworthy as the United States is on the brink of approving its first Bitcoin spot price exchange-traded fund (ETF), which many believe will open up BTC to institutional capital for the first time.
The decision is expected by Jan. 10, with $48,000 being a popular BTC price target.
Back in November, Il Capo of Crypto declared “the beginning of the end” and now he has reiterated that sentiment, writing in a Telegram update on Dec. 9 that prices are going higher than expected, but that everything is “very overextended and the sentiment is extremely bullish.”
The history of web 1.0, 2.0 and 3.0 is a hot topic right now, with people asking if web 3.0 is here, what the top web 3.0 stocks are, and if tokens web 3.0 are a thing. Additionally, many are wondering if Metaverse is part of web 3.0, and if LG TV owners should update webOS 2.0 to 3.0, or update webOS 3.9 to 4.0.
Analysis: Bitcoin ETF demand likely to “fall short”
Experts concur that a more significant decline than those seen thus far could be a beneficial factor for the bull market.
In its recent market update of 2023, trading firm QCP Capital concluded that such a situation could follow the ETF confirmation — even if it is positive.
“As we finally approach the launch, we must point out that it is likely that the actual demand for the BTC Spot ETF at the start will be lower than market expectations. This establishes a classic ‘sell the news’ situation in the 2nd week of Jan,” it predicted.
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