Bitcoin and Ethereum Could Crash by 21% and 23% Before Altcoin Season Begins, Trader Capo Warns
- Linda HamiltonOriginal
- 2024-10-04 19:04:20642browse
A widely followed cryptocurrency trader and analyst is leaning bearish on Bitcoin (BTC) and Ethereum (ETH) amid a market downturn.
A popular cryptocurrency analyst is predicting a bearish scenario for Bitcoin (BTC) and Ethereum (ETH) as the market experiences a downturn.
The trader, who goes by the pseudonym Capo, has a large following on the social media platform X, with 866,300 followers. Capo’s analysis suggests that Bitcoin and Ethereum could experience a drop of up to 21% and 23%, respectively, from their current price levels.
“There’s a possibility of one last shakeout, with BTC testing the $48,000 – $50,000 zone and ETH $1,800 – $2,000, before the real altcoin season begins.”
At the time of writing, Bitcoin is trading at $60,508, showing a decrease of 6% over the past seven days. Meanwhile, Ethereum is trading at $2,345, indicating an 11% decrease over the past week.
The pseudonymous analyst also provides an update on the altcoins ranked below the top ten largest crypto assets by market capitalization, which are collectively known as OTHERS.
In his analysis on Telegram, Capo highlights that the total market cap of altcoins could potentially drop to a range of $132 billion to $164 billion after failing to cross above a key resistance level.
“The altcoins index (OTHERS) never gave the second and main bullish confirmation. Instead, it was strongly rejected from the resistance zone (dark zone ~$240 billion), showing weakness. From here, we could see a last drop to the blue ”buy zone” ($132 billion – $164 billion).
No need to worry if this happens. In fact, it could present a great buying opportunity. We have to adapt to what the market gives us.”
nobr>OTHERS’ market cap is currently valued at $203.645 billion.
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