Capo, a well-known cryptocurrency trader, has predicted the possibility of a significant drop in Bitcoin BTC/USD and Ethereum ETH/USD.
What Happened: Capo, who has a large following on social media platform We predict that it could fall to $2,000.
“There could be a final shakeout before the full-fledged altcoin season begins, testing the $48,000-$50,000 zone for BTC and the $1,800-$2,000 zone for ETH.”
Quick update:
There could be one last shakeout $BTC Testing the $48,000-$50,000 zone, $ETH 1.8 million to $2,000 before the full-fledged alternative season begins.
If that happens, I’ll be adding more to my altcoin bag. https://t.co/sx6u8wPNrK
— Il Capo of Crypto (@CryptoCapo_) October 2, 2024
Currently, Bitcoin price is $60,508, down 6% over the past week, and Ethereum price is $2,345, down 11% over the same period.
Capo also shared insights on his Telegram channel about an altcoin called OTHERS that ranks below the top 10 by market capitalization.
He suggests that OTHERS’ market capitalization could fall to between $132 billion and $164 billion if it fails to break through significant resistance levels. The altcoin index was removed from the resistance zone around $240 billion, indicating market weakness.
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Why it matters: The potential decline in Bitcoin and Ethereum comes at a time when other analysts are expressing optimism about Bitcoin’s future. Recent analysis suggests that Bitcoin could reach an all-time high if it breaks above the $64,000 resistance level.
Additionally, the crypto market has seen strong gains recently, with Bitcoin, Ethereum, and Dogecoin ending the week on a high, driven by positive labor market data. This suggests a possible transition from a summer lull to more bullish seasonality in the fourth quarter.
Despite the current bearish outlook, some analysts believe that Bitcoin’s rebound above $61,500 indicates it is more likely to reach $80,000 rather than fall to $40,000. We believe that This tension between a bullish long-term chart and a bearish short-term trend highlights the uncertainty in the market.
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