In the midst of a downturn in the market, a widely-followed cryptocurrency analyst and trader is strongly bearish about Bitcoin (BTC).
Capo, a trader who uses a pseudonym, told his 866.300 social media followers that Bitcoin and Ethereum prices could drop by as much as 21% and 23.3% from their current levels.
There’s the possibility that BTC will test the zone of $48,000-$50,000 and ETH between $1,800-$2,000 before the altcoin season really begins.
Bitcoin was trading at $65,508 as of the time this article is written, down 6% in seven days. Ethereum trades at $2,345 as of the time of this writing. This is a 11% drop over the last week.
On his Telegram channel, the pseudonymous expert also provides an update about the altcoins ranked lower than the top ten crypto assets in terms of market capital, commonly referred as OTHERS. Capo informs his Telegram subscribers (103,281) that the market cap for OTHERS is likely to drop between $132 and $164 billion if it fails to break through a key resistance level.
The altcoins (OTHERS index) failed to give the main confirmation of bullishness. It was rejected strongly from the dark zone ($240bn) showing weakness. We could then see the price drop down to the “buy zone”, which is between $164 billion and $132 billion ).
There is no need to be concerned if it happens. It could be a good opportunity to buy. The market will dictate what we do.
At the time this article was written, the market capitalization of OTHERS stood at $203.645 Billion.
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The post “One Last Shakeout”: Trader Says Bitcoin & Ethereum Could Crash before Altseason Starts — Here are His Targets could be updated as new information becomes available.
