Speculation around assets in the crypto market has continued to rise after Bitcoin (BTC) price plunged from its $69,000 high in November 2021 and spent the better part of 2022 in an overextended correction.
The flagship cryptocurrency is currently below the psychological support around the $20,000 zone and has spent the last few weeks in a range between the $20,400 resistance and the $18,200 support.
Ethereum, on the other hand, has sunk below the $1,700 highs it claimed before the historical "Ethereum merge" in September this year. And like Bitcoin, Ethereum appears extremely open to speculation.
Over the week, a few crypto analysts have come out with predictions of where bitcoin and several other cryptocurrencies may be headed next in the charts.
One of these analysts is a Twitter user with the username "Il Crypto Capo," with predictions of possible moves Bitcoin, Ethereum, and Ripple Coin may make over the next few weeks.
Below are expanded details of some of the charts he shared, that we believe you might find interesting.
Bitcoin, naturally, would come first. Crypto Capo's tweets about bitcoin possibly come first because the direction of bitcoin more or less controls the direction of the rest of the market.
Crypto Capo acknowledges that the bitcoin market has equal chances of moving in either direction and made his analysis accordingly.
In Crypto Capo's opinion, bitcoin has a fairly good chance of moving to the upside and even hitting a zone around $21,000, which he calls the "manipulation zone."
By "manipulation zone," he means that the whales and big players in the market may try to "toy with" the price action of the cryptocurrency around the $21,000 zone.
Chart showing full prediction on Bitcoin | Source: Il Crypto Capo/TwitterHe means that the whales may do this in a bid to "confuse" unsuspecting investors and traders and collect the liquidity on their closed trades before the market suddenly reverses.
Soon after the price of bitcoin hits the "manipulation zone" and possibly consolidates for a while longer, Crypto Capo predicts a sharp drop, fueled by the liquidity the big players and whales have managed to collect.
This drop, Crypto Capo predicts, is expected to push bitcoin to a "potential local bottom" around the major $14,000 support.
Recall that before this, Bitcoin's current position has left the better part of the crypto market's investors and traders wondering where it might be headed next.
Bitcoin managing to move to the $20,400 – $21,000 zone might be interpreted as a medium-to-short-term bullish signal, attracting inexperienced or hopeful traders to a zone the whales are expected to take advantage of.
On the other hand, bitcoin breaking below the $18,200 zone may signal a continuation of the long-term downtrend, pushing the price of bitcoin to Crypto Capo's predicted bottom around $14,000.
Like bitcoin, Crypto Capo is bearish on Ethereum over the long term. He expects the price of the second largest cryptocurrency by market cap to take "a good last leg up" before a dip like bitcoin.
By "good last leg up," Crypto Capo means the $1,425 zone.
According to the chart shared by the crypto analyst, Ethereum bounced off the $1,250 support, leaving behind "untapped liquidity." Crypto Capo expects Ethereum to hit the $1,425 zone before reversing sharply in continuation of the cryptocurrency's price downtrend.
He expects Ethereum to consolidate for a while from $1,450 to $1,425 as more traders jump in for fear of missing out on another "pump." By mid-November, Ethereum is expected to have dropped to the $1,125 zone after a breakdown of the crucial $1,250 support.
Ripple coin has enjoyed relatively stable price trends compared to most of the other cryptocurrencies in the market. The cryptocurrency even experienced a few pumps in the cold of the cryptocurrency winter, hitting highs close to the $0.56 zone despite the relatively poor performance of most of the others in the third quarter of 2022.
However, Crypto Capo's opinion of XRP appears bearish over the long term.
Like Bitcoin and Ethereum, XRP is expected to be bullish over the short to medium terms, before an "inevitable" drop.
Crypto Capo speculates that XRP may rise further to the $0.62 zone and possibly consolidate for a while between $0.62 and $0.6. However, the analyst expects a drop that can only be described as "massive".
Crypto Capo speculates that XRP may drop to the crucial support level around the $0.174 zone, last tested in the first quarter of 2021.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.