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Popular cryptocurrency analyst Il Capo from Crypto returned to the social media platform Analyst, who was very big on The looming Altsisson Since the beginning of the year, I have revealed a bearish forecast for Bitcoin and even Ethereum (the king of altcoins) in the short term.
Capo, known for his sometimes controversial and often contradictory forecasts, returned just as the market saw a notable correction in October, sharing his bearish forecasts for both Bitcoin and Ethereum. His latest prediction is that Ethereum could fall as low as $1,800 before seeing any significant recovery.
Expected decline of ETH
Ethereum It’s already down 10%. over the past seven days and is currently trading around $2,330, but according to Capo, this decline may worsen. He expects ETH to fall further to the $1,800 to $2,000 range, a potential 23% drop from its current price, before eventually rebounding. However, he believes that the altcoin season will still exist.
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Quick update:
There is a possibility of a final shock, however $ Bitcoin Testing area $48k – $50k and $ Ethereum $1.8k to $2k, before the real swing season starts.
If that happens, I will add more to my altcoin portfolio. https://t.co/sx6u8wPNrK
– El Capo of Crypto (@CryptoCapo_) October 2, 2024
Capo’s analytics track record since the beginning of the year shows an unwavering belief in the importance of… The coming dominance of altcoins. Throughout 2024, he repeatedly stressed the potential for altcoins, especially Ethereum, to outperform Bitcoin as profits generated by Bitcoin flow into smaller assets. However, altcoin season has not yet arrived Bitcoin continued to dominate Crypto investment landscape.
Is it time to buy Ethereum?
It should be noted that Crypto Capo predictions often have certain traditions associated with them. There is a running joke among some investors that whenever a capo makes a prediction, the market tends to do the opposite. This is partly due to him Bitcoin fall forecast $12,000 last year, but the cryptocurrency eventually crossed the resistance levels. Now, with Capo predicting that Ethereum and Bitcoin could continue to decline amid October’s bullish market sentiment (often dubbed “Uptober”), this has many investors wondering. If his bearish call is too far fetched.
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Only time will tell if the market moves according to the CAPO analysis. However, given the current influx of investments and the cryptocurrency market, which mostly rose in October, it would not be surprising if Ethereum rebounds instead of seeing the big decline that Capo predicted.
Naturally, many whales and smart traders saw the current decline as an opportunity to “buy” and accumulate more Ethereum in anticipation of the resumption of inflows. This sentiment is reflected by US ETFs, which saw inflows of $14.45 million yesterday despite the price correction.
Interestingly, it is important to note that the CABO analysis only talks about a potential and remains bullish case for Ethereum in the long term.
Featured image created with Dall.E, chart from Tradingview.com