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%.

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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.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.