Bitcoin and Ethereum Could See Major Declines, Analyst Warns

A prominent cryptocurrency trader, known by the alias Capo, is taking a bearish stance on Bitcoin (BTC) and Ethereum (ETH) as the market experiences a downturn.

He suggests that both cryptocurrencies could see declines, predicting Bitcoin may drop by as much as 21% and Ethereum by 23% from their current levels.

Capo forecasts that Bitcoin could potentially retest the $48,000 to $50,000 range, while Ethereum might revisit $1,800 to $2,000. He believes this correction could occur before the start of a more robust altcoin season.

At the time of writing, Bitcoin is priced at $61,400, showing a 6.6% drop over the past week, while Ethereum sits at $2,380, down by 10.6%.

Capo also provided insights into smaller altcoins on his Telegram channel, where he noted that the total market cap for these assets, known as OTHERS, might dip to between $132 billion and $164 billion.

He pointed out that after failing to break through a key resistance level of around $240 billion, these altcoins could drop further, potentially offering a good buying opportunity.