An analyst who rose to popularity after accurately describing the 2022 crypto collapse believes that Bitcoin (BTC) and altcoins are gearing up for a bullish continuation.
Pseudonymous analyst Capo tells his 102,828 subscribers on the instant messaging platform Telegram that a slight decline is in sight for BTC.
According to Capo, the minor retracement would pave the way for a BTC rally above $70,000.
“Major resistance level also for Bitcoin. A pullback towards the $64,000 to $65,000 level would be healthy before further upside.
At the time of writing, Bitcoin is trading at $64,370, down more than 2% in the last 24 hours.
Looking at the altcoin market, Capo says he closely follows the OTHERS chart, which tracks the market capitalization of all cryptocurrencies, excluding the top 10 digital assets and stablecoins.
The trader sees OTHERS falling back to $220 billion before removing its immediate resistance at $240 billion.
“After giving the first bullish confirmation by breaking the March downtrend, it is now testing the major pivot level as resistance. We could expect some retracement as the market prepares for October, which historically tends to be a bullish month. This short-term pullback would align with BTC testing $65,000 (or slightly lower) as support.
That said, and as previously mentioned, any potential dips are for buying.
Based on the trader’s chart, he appears to predict that OTHERS will surpass $270 billion after a brief correction. At the time of writing, OTHERS is trading at $228 billion.
Capo also shares his outlook for crypto next month.
“I expect a bit of overall retracement/consolidation over these days, warming up for October. Big things are coming.
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