Cryptocurrency Trader Capo Forecasts Potential Declines for Bitcoin and Ethereum Before 'Altcoin Season' Begins

Well-known cryptocurrency trader, Capo, has forecasted potential significant declines for Bitcoin BTC/USD and Ethereum ETH/USD.

Well-known cryptocurrency trader Capo has predicted that Bitcoin and Ethereum could see significant declines.

Capo, who has a large following on social media platform X, suggests that Bitcoin might test the $48,000 to $50,000 range, while Ethereum could drop to between $1,800 and $2,000.

"There's a possibility of one last shakeout, with BTC testing the $48,000 – $50,000 zone and ETH $1,800 – $2,000, before the real altcoin season begins."

Quick update:

There's a possibility of one last shakeout, with $BTC testing the $48k-50k zone and $ETH $1.8k-2k, before the real altseason begins.

If that happens, I'll be adding more to my altcoin bags.

pic.twitter.com/sx6u8wPNrK

Currently, Bitcoin is priced at $60,508, marking a 6% decline over the past week, and Ethereum is valued at $2,345, down by 11% over the same period.

Capo also shared his insights on altcoins ranked below the top ten by market capitalization, known as "OTHERS," on his Telegram channel.

He suggests that the market cap of OTHERS might drop to between $132 billion and $164 billion after failing to break a significant resistance level.

"OTHERS market cap failed to break a key resistance (currently at $240B) and dropped sharply, indicating weakness in the altcoins index."

Don't forget to follow OTHERS market cap, which is a good proxy for altcoins (OTHERS = altcoins outside the top 10, like AXS, GMT, NEAR, HNT, XMR, etc).

OTHERS market cap failed to break a key resistance (currently at $240B) and dropped sharply, indicating weakness in the altcoins index.

After a failed breakout, OTHERS market cap might drop to $132B-$164B (OTHERS = others, alts outside the top 10).

Coming up next: BTC and ETH price predictions for Q4 2023.

Bitcoin and Ethereum came up in Benzinga's recent coverage of cryptocurrency market trends, with a recent analysis suggesting that Bitcoin could reach a new all-time high if it surpasses the $64,000 resistance level.

Moreover, the cryptocurrency market saw strong gains last week, with Bitcoin, Ethereum, and Dogecoin ending the week on a high note, driven by positive labor market data. This may herald a potential shift from the summer lull to a more bullish Q4 seasonality.

Despite the current bearish outlook, some analysts posit that Bitcoin's rebound above $61,500 makes it more likely to reach $80,000 than to fall to $40,000. This tension between bullish long-term charts and bearish short-term action highlights the uncertainty in the market.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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