A well-known analyst, known for his accurate crypto predictions, suggests that Bitcoin (BTC) and altcoins are setting up for further gains.
The analyst, known as Capo, shared that BTC might see a minor decline before continuing its upward trend. He forecasts a brief dip, allowing Bitcoin to gain momentum for a rally past $70,000. Capo notes that the pullback to the $64,000-$65,000 range is a healthy move before the next bullish leg.
At the time of writing, Bitcoin is priced at $63,750, down over 2% in the last 24 hours.
Capo is also keeping a close eye on the altcoin market, specifically the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the top 10 coins and stablecoins.
He expects OTHERS to pull back to $220 billion before breaking through resistance at $240 billion. After a short correction, Capo anticipates the chart will surge beyond $270 billion. Currently, OTHERS stands at $228 billion.
As October approaches, Capo predicts a period of slight consolidation, seeing it as a time to prepare for potentially significant growth in the coming month. According to him, any upcoming dips should be viewed as buying opportunities.
Bitcoin started October with a negative trend, disappointing investors who expected a continuation of the upward trend it enjoyed towards the end of September.
A cryptocurrency analyst recently revealed a notable obstacle on the path of Bitcoin’s revival, that could negatively impact the token’s price trajectory.
On Tuesday, U.S. spot Bitcoin ETFs saw a notable outflow of $242.53 million, marking the largest single-day withdrawal since early September. This movement halted an eight-day streak of positive inflows.
A recent Datascope analysis shared via CryptoQuant showed that extreme swings in the ratio of long/short volume to open interest often signal major market reversals.