This article is also available in Spanish.
The famous crypto analyst Il Capo of Crypto has returned to the X social media platform after a two-month hiatus to drop an interesting view of Bitcoin and Ethereum in the coming months due to the recent correction since the beginning of October. Commentator, who has become very prominent in next season since the beginning of the year, he expressed a bearish view of Bitcoin and even Ethereum (the king of altcoins) in the short term.
Known for his sometimes contradictory and often conflicting predictions, Capo returned just as the market experienced a significant correction in October, sharing his bearish view of both Bitcoin and Ethereum. His latest prediction is that Ethereum may drop as low as $1,800 before seeing any major recovery.
Predicted Decline of ETH
Ethereum already down 10% seven days ago and is currently trading around $2,330, but according to Capo, this drop could be worse. He predicted that ETH could fall further into the $1,800 to $2,000 range, which would be a dip of around 23% from its current price, before rebounding. However, he believes that the altcoin season is yet to come.
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A quick update:
There may be a final shakeout, with $BTC exploring the $48k-50k area as well $ETH $1.8k-2k, before the real altseason starts.
If that happens, I will be adding more to my altcoin wallets.
– the Capo Of Crypto (@CryptoCapo_) October 2, 2024
Capo’s analytical record since the beginning of the year shows an unwavering belief in the future dominance of altcoins. Throughout 2024, he has repeatedly emphasized the potential of altcoins, especially Ethereum, to succeed Bitcoin as the profits generated in BTC flow into smaller assets. However, the altcoin era is yet to come, yet Bitcoin continued to dominate crypto investment site.
Time to go long in Ethereum?
It’s worth noting that Crypto Capo predictions often have some lore attached to them. There is a joke among some investors that whenever Capo makes a prediction, the market tends to do the opposite. This goes back as far as his prediction of Bitcoin falling to $ 12,000 last year, but the crypto finally broke past resistance levels. Now, as Capo predicts the possibility of a further decline in Ethereum and Bitcoin during the bullish market of October (often called “Uptober”), it raises a question for many investors. if his bearish call is far.
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Only time will tell if the market is playing well according to Capo’s analysis. However, considering the current influx of investments and the crypto market, which has rallied significantly in October, it will not be surprising if Ethereum once again experiences the significant decline predicted by Capo.
Naturally, many savvy whales and traders have seen the current decline as an opportunity to “go long” and have accumulated more Ethereum in anticipation of a resumption of entry. This sentiment is reflected in the US Spot Ethereum ETFs, which saw $14.45 million in inflows yesterday despite the price correction.
Interestingly, it is important to note that Capo’s analysis only talks about the possible case and remains bullish on Ethereum in the long term.
The featured image was created with Dall.E, a chart from Tradingview.com