The cryptocurrency market began the day on a less-than-favorable note, but one currency that has maintained its bullish momentum is Bitcoin. Despite the King currency holding steady at around $23,000, it suggests that investors remain optimistic about Bitcoin. This has led to the global cryptocurrency market surpassing $1 trillion.
As of writing, Bitcoin is currently trading at $23,084, with an increase of 1.63% over the last 24 hours.
However, a prominent crypto analyst and trader has offered a different perspective on Bitcoin’s trajectory.
The analyst, known as Capo, has informed his 710,100 Twitter followers that the market performance of cryptocurrencies is not driven by organic demand. Given the direction of the current bull run and the high time frame resistance, the analyst believes that it is manipulation rather than demand that is driving the market.
Are tough times ahead for BTC?
Despite the claims made by one of his followers that the surge in Bitcoin’s price from $18,000 was due to an increase in demand as indicated by the minting of stablecoins, Capo maintained that this demand is artificial and the correction will be stronger as the demand increases.
It is worth noting that last week, Capo had predicted that Bitcoin would test its resistance level of $21,000 and that there was no bullish confirmation yet. However, his prediction turned out to be incorrect as Bitcoin’s value continued to rise.
In contrast to Capo’s predictions, another crypto analyst and strategist, Smart Contracter, believes that Bitcoin will experience a correction once it experiences a 38% surge in January.
Smart Contractor makes use of the Elliott Wave theory, which is a form of advanced technical analysis that uses crowd psychology to predict future price movements. According to the theory, when an asset is in waves one, three, and five, it tends to be bullish, while if it enters waves two and four, it suggests that the asset will experience a correction.