Analyst Predicts An Approaching Bitcoin Price Slump Will Benefit Altcoins

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.

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

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