Analyst Predicts An Approaching Bitcoin Price Slump Will Benefit Altcoins

Coingapestaff
December 7, 2023
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Bitcoin Price Rally Likely Due to Bullish Sentiments Than “FOMO” Belief

Crypto analyst Credibull issues a warning of a potential downturn in Bitcoin prices. According to his analysis, the third wave of Bitcoin prices found support at $43K. His analysis suggests an impending decline in BTC prices within the range of $41K to $39K. This follows recent Bitcoin price movements, reaching $45K in a fervent attempt to breach the $50K mark.

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Will Bitcoin Cross $50K?

Analyst Credibull notes positive Bitcoin movements, suggesting the completion of a major impulse in the range of 30,800 to 39,000.

Highlighting future gains, the analyst identifies a 1-2-3-4-5 wave structure, indicating a positive trajectory with profitable entry opportunities. Successful trades, like going long at 44K, affirm the analysis’s effectiveness.

Anticipating limited downside for Bitcoin, Credibull foresees a potential local low before an upward swing. He also suggested buying altcoins, including CRV and AIOZ, which offer significant opportunities, with Ocean protocol poised to take off post-consolidation.

However, as per the analysis, the altcoins will have a very short-term dominance over Bitcoin before it rallies again.

Credibull outlines Bitcoin’s potential moves—anticipating a downturn, reclaiming a range, retesting, and a fifth upward impulse toward $50K. This aligns with the analyst’s positive Bitcoin outlook, suggesting a higher timeframe range before the next major surge.

Also Read: U.S. Bitcoin ETF Talks Enter Decisive Phase with SEC

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Analyst Points At CME Gapping at $39K

Bitcoin futures open interest on the Chicago Mercantile Exchange (CME) has risen over $5.2 billion, approaching the previous all-time high set in late October 2021. Over the last month, open interest in CME’s Bitcoin futures has increased from $3.63 billion to $5.20 billion, corresponding with Bitcoin’s 26% price increase, which is presently trading at $43,651.

The prior surge in open interest corresponds with a big price gain for Bitcoin, which rose from $45,000 to $66,000 between October 1 and 21, 2021. This rise shows increasing interest in Bitcoin, while the CME traders’ positions are unknown.

In a post on X on December 7, analyst Willy Woo reported that there is a Bitcoin CME gap of $39,700 that has to be addressed. This suggests that BTC must correct to $39,700 before launching another surge.

Most of the analysts and experts pointing towards a possible Bitcoin slump is looking evident now. Traders and investors are looking closely at Bitcoin prices to maximize the gains or to cut losses.

Also Read: JPMorgan Could Launch A Bitcoin ETF, Says ETF Expert Nate Geraci

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.