Renowned cryptocurrency trader Capo, known for his significant following on social media platform X, has made a prediction that could ruffle some feathers in the crypto world. He anticipates a potential downturn for both Bitcoin (BTC/USD) and Ethereum (ETH/USD), suggesting a final shakeout before the real altcoin season kicks off.
Capo’s forecast suggests Bitcoin might dip to the $48,000 to $50,000 range, while Ethereum could fall to between $1,800 and $2,000. He believes this potential drop could be the last hurdle before a significant rally in altcoins, saying, “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.”
Currently, Bitcoin sits at $60,508, marking a 6% decline over the past week, while Ethereum stands at $2,345, down by 11% during the same period. Capo also shared insights on altcoins ranked below the top ten by market capitalization, known as “OTHERS,” on his Telegram channel. He suggests that the market cap of OTHERS might drop to between $132 billion and $164 billion after failing to break a significant resistance level. This suggests market weakness, as the altcoins index was rejected from a resistance zone around $240 billion.
These potential declines for Bitcoin and Ethereum come at a time when other analysts are optimistic about Bitcoin’s future. A recent analysis suggested that Bitcoin could reach a new all-time high if it surpasses the $64,000 resistance level. The cryptocurrency market recently saw strong gains, with Bitcoin, Ethereum, and Dogecoin ending the week on a high note, fueled by positive labor market data. This suggests a potential shift from the summer lull to a more bullish Q4 seasonality.
Despite the current bearish outlook, some analysts believe Bitcoin’s rebound above $61,500 indicates a higher likelihood of reaching $80,000 rather than falling to $40,000. This tension between bullish long-term charts and bearish short-term action highlights the uncertainty within the market.
Capo’s prediction adds another layer of complexity to the already dynamic cryptocurrency landscape, leaving investors and traders to navigate a sea of conflicting opinions and potential market movements. Only time will tell if his prediction holds true and whether altcoin season is truly on the horizon.
