Analyst Predicts Bitcoin Rally Beyond $70K After Brief Pullback
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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.
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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.
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