web3.0Bitcoin and Ethereum Could Crash by 21% and 23% Before Altcoin Season Begins, Trader Capo Warns
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.
The above is the detailed content of Bitcoin and Ethereum Could Crash by 21% and 23% Before Altcoin Season Begins, Trader Capo Warns. For more information, please follow other related articles on the PHP Chinese website!
Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsJul 27, 2024 pm 12:58 PMSenator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.
Bitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansJul 27, 2024 am 12:07 AMOn-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC's decline may extend further.
Bitcoin (BTC) – America’s Key To Economic Supremacy?Jul 26, 2024 pm 09:15 PMIn the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman
Hackers recover $3 million in bitcoin from software wallet locked for over a decadeJun 14, 2024 am 09:57 AMJoeGrand-anethicalhackerandYouTuberwhoiswidelyknownforhisprojectsinvolvingcryptowallets,hassuccessfullyrecoveredalife-changingamountofbitcoin,presentlyvaluednorthof$3millionfromasoftwarewalletthathasbeenlockedformo
US Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketJul 27, 2024 am 06:35 AMFinancial experts are warning of an impending peak in US stocks. This may also lead Bitcoin to rise. According to Arthur Budaghyan, an analyst at BCA Research, the US stock market
Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Jul 27, 2024 am 07:11 AMCryptocurrencies, commodities, and stocks are among the most popular risk assets for investment and trade, also leading finance indicators.
Bitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyJul 25, 2024 pm 02:53 PMPowered by the Unbound Fund, this initiative uses Bitcoin as a key to open up Portuguese citizenship via the country's golden visa program.
Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Jul 26, 2024 am 11:26 AMCrypto analyst Mikybull Crypto has revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the
Hot AI Tools
Undresser.AI Undress
AI-powered app for creating realistic nude photos
AI Clothes Remover
Online AI tool for removing clothes from photos.
Undress AI Tool
Undress images for free
Clothoff.io
AI clothes remover
AI Hentai Generator
Generate AI Hentai for free.
Hot Article
Hot Tools
VSCode Windows 64-bit Download
A free and powerful IDE editor launched by Microsoft
SublimeText3 Mac version
God-level code editing software (SublimeText3)
EditPlus Chinese cracked version
Small size, syntax highlighting, does not support code prompt function
MantisBT
Mantis is an easy-to-deploy web-based defect tracking tool designed to aid in product defect tracking. It requires PHP, MySQL and a web server. Check out our demo and hosting services.
mPDF
mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),
