A widely followed cryptocurrency trader and analyst is leaning bearish on Bitcoin (BTC) and Ethereum (ETH) amid a market downturn.
The trader pseudonymously known as Capo tells his 866,300 followers on the social media platform X that Bitcoin and Ethereum could fall by up to 21% and 23%, respectively, from the current 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.”
Bitcoin is trading at $60,508 at time of writing, down by 6% over the past seven days. Ethereum is trading at $2,345 at time of writing, down by 11% over the past week.
The pseudonymous analyst also offers an update on the altcoins ranked below the top-ten largest crypto assets by market cap, which are commonly referred to as OTHERS, on his Telegram channel. Capo tells the 103,281 subscribers of his Telegram channel that the total market cap of OTHERS could drop to between $132 billion and $164 billion after failing to cross above a major 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.”
OTHERS’ market cap is at $203.645 billion at time of writing.
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