- According to the analysis, the third wave of Bitcoin prices found support at the $43,000 level. The analysis predicts an upcoming decline in BTC prices in the range of $41,000 to $39,000.
- Analyst Credibull, highlighting positive moves in Bitcoin, claims that significant momentum in the range of $30,800 to $39,000 has been completed.
- A well-known crypto analyst suggests that while the price of Bitcoin may drop, altcoins will benefit from this decline.
A famous cryptocurrency analyst explains that the Bitcoin price may fall, but altcoins will benefit from this decline.
Bitcoin Price Drop Could Boost Altcoins
Crypto analyst Credibull warns of a possible drop in Bitcoin prices. According to the analysis, the third wave of Bitcoin prices found support at the $43,000 level. The analysis predicts an upcoming decline in BTC prices in the range of $41,000 to $39,000. This comes after Bitcoin prices recently reached $45,000, attempting to surpass the $50,000 level.
Analyst Credibull, highlighting positive moves in Bitcoin, claims that significant momentum in the range of $30,800 to $39,000 has been completed. Emphasizing future gains, the analyst describes a positive roadmap with lucrative entry opportunities, outlining a 1-2-3-4-5 wave structure. Successful trades, such as taking long positions from the $44,000 level, validate the effectiveness of the analysis.
Expecting limited downside potential for Bitcoin, Credibull predicts a possible local decline before an upward move. Additionally, the analyst mentions buying specific altcoins, including CRV, and notes that the Ocean protocol is ready to surge after consolidation. However, according to the analysis, the superiority of altcoins over Bitcoin will be short-term, and then Bitcoin will rise again.
Credibull summarizes potential movements for Bitcoin: predicting a retracement, reclaiming a range, retesting, and making the fifth upward move toward $50,000. This aligns with the analyst’s positive outlook for Bitcoin and suggests a higher time frame range before the next major uptrend.
Analyst Highlights a $39,000 Bitcoin CME Gap
The open position of Bitcoin futures on the Chicago Mercantile Exchange (CME) has approached $5.2 billion, close to the all-time high at the end of October 2021. CME’s open position in Bitcoin futures increased from $3.63 billion to $5.20 billion in the last month, along with a 26% price increase in Bitcoin, currently trading at $43,651.
The previous increase in open positions coincided with a significant price increase in Bitcoin, as it rose from $45,000 to $66,000 between October 1 and October 21, 2021. This increase indicates growing interest in Bitcoin, although the positions of CME traders are unknown.
On December 7, analyst Willy Woo mentioned in a post on X that there is a $39,700 Bitcoin CME gap. This means BTC needs to correct to $39,700 before another rally. The possibility of a Bitcoin decline is now becoming apparent as many traders and investors closely monitor Bitcoin prices to maximize gains or limit losses.
