A widely followed cryptocurrency trader and analyst is pessimistic on Bitcoin (BTC) and Ethereum (ETH) amid a market slowdown.
The pseudonymous trader known as Capo tells his 866,300 followers on social media platform X that Bitcoin and Ethereum could fall as much as 21% and 23%, respectively, from current levels.
“There is a possibility of one last shake-up, with BTC testing the $48,000-$50,000 zone and ETH $1,800-$2,000, before the real altcoin season begins.”
Bitcoin is trading at $60,508 at the time of writing, down 6% over the past seven days. Ethereum is trading at $2,345 at the time of writing, down 11% over the past week.
The pseudonymous analyst also offers an update on altcoins ranked among the top ten largest crypto assets by market capitalization, commonly known as OTHERS, on his Telegram channel. Capo tells his Telegram channel’s 103,281 subscribers that OTHERS’ total market capitalization could fall to between $132 billion and $164 billion after failing to break through a major resistance level.
“The altcoins index (OTHERS) never gave the second and main bullish confirmation. Instead, it was strongly rejected from the resistance zone (dark zone ~$240 billion), demonstrating its weakness. From there, we could see a final drop towards the blue “buy zone” ($132 billion – $164 billion).
No need to worry if this happens. In fact, this could present a great buying opportunity. We must adapt to what the market offers us.
OTHERS’ market capitalization stands at $203.645 billion at the time of writing.
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