Crypto Capo Returns to Foresee Ethereum Drop to $1,800

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Notable crypto analyst Il Capo of Crypto has made his return to the social media platform X after a hiatus of over two months, offering a captivating forecast for Bitcoin and Ethereum in the months ahead, particularly following the recent decline since early October. The analyst, who has maintained a strong stance on an upcoming altseason since the start of the year, has now expressed a bearish perspective for Bitcoin and even for Ethereum (the leading altcoin) in the short run.

Capo, recognized for his occasionally controversial and often opposing predictions, returned just as the market faced a significant correction in October, sharing his pessimistic view for both Bitcoin and Ethereum. His latest forecast suggests that Ethereum could plummet to around $1,800 before any significant recovery occurs.

Projected Decline of ETH

Ethereum has already seen a 10% drop over the past week, currently trading near $2,330, but Capo indicates this decrease could intensify. He anticipates that ETH might dip further into the $1,800 to $2,000 range, representing a potential 23% decline from its current value, before it eventually bounces back. Nonetheless, he remains optimistic about an impending altcoin season.

Quick update:

There’s a possibility of one last shakeout, with $BTC testing the $48k-50k zone and $ETH $1.8k-2k, before the real altseason begins.

If that happens, I’ll be adding more to my altcoin bags. https://t.co/sx6u8wPNrK

— il Capo Of Crypto (@CryptoCapo_) October 2, 2024

Capo’s analysis track record this year reveals a steady belief in the forthcoming dominance of altcoins. Throughout 2024, he has consistently highlighted the potential for altcoins, particularly Ethereum, to outperform Bitcoin as BTC-generated profits flow into smaller assets. Nevertheless, the anticipated altcoin season has yet to unfold, and Bitcoin continues to maintain its lead in the crypto investment space.

Is It Time to Buy Ethereum?

It is important to note that Crypto Capo’s predictions often carry a certain legend. There is a common joke among some investors that whenever Capo makes a forecast, the market tends to move in the opposite direction. This goes back to his prediction of Bitcoin dropping to $12,000 last year, even as the crypto eventually broke through resistance levels. With Capo now forecasting a potential drop for Ethereum and Bitcoin amid a typically bullish October market (often referred to as “Uptober”), many investors are questioning whether his bearish outlook is exaggerated.

Only time will reveal if the market adheres to Capo’s analysis. Nevertheless, given the current influx of investments and the overall positive momentum in the crypto market throughout October, it would not be surprising if Ethereum recovers instead of undergoing the significant drop Capo predicts.

Naturally, many astute investors and traders view the current decline as an opportunity to “go long” and acquire more Ethereum in anticipation of renewed investment trends. This sentiment is evidenced by the US Spot Ethereum ETFs, which recorded $14.45 million in inflows just yesterday, despite the price corrections.

Interestingly, it’s crucial to note that Capo’s analysis speaks only of a possible scenario, as he remains optimistic about Ethereum’s long-term prospects.