“Trader Warns Bitcoin, Ethereum May Drop Before Altseason”

A prominent cryptocurrency trader and analyst is adopting a bearish stance on Bitcoin (BTC) and Ethereum (ETH) in light of a market decline.

The trader, who goes by the alias Capo, informs his 866,300 followers on the social media platform X that Bitcoin and Ethereum could potentially drop by as much as 21% and 23%, respectively, from current prices.

“There may be one last shakeout, with BTC testing the $48,000 – $50,000 range and ETH $1,800 – $2,000, before the real altcoin season commences.”

At the time of writing, Bitcoin is priced at $60,508, reflecting a 6% decrease over the past week. Meanwhile, Ethereum is trading at $2,345, down by 11% over the last seven days.

The anonymous analyst also shares insights regarding altcoins ranked outside the top ten largest crypto assets by market cap, commonly referred to as OTHERS, with his Telegram audience. Capo updates the 103,281 subscribers of his Telegram channel that the overall market cap of OTHERS could decline to a range between $132 billion and $164 billion, following its inability to clear a significant resistance level.

“The altcoins index (OTHERS) has yet to provide the second and primary bullish signal. Instead, it faced a strong rejection from the resistance area (dark zone ~$240 billion), indicating weakness. From this point, we might see a final drop to the blue ‘buy zone’ ($132 billion – $164 billion).

“There’s no need to panic if this occurs. In fact, it could offer an excellent buying opportunity. We must adapt to what the market presents us.”

The current market cap of OTHERS is at $203.645 billion as of the time of writing.

Don’t Miss a Beat – Subscribe to receive email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix