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Popular crypto analyst Il Capo de crypto has returned to social media platform October. The analyst, who has been so great in a peak season ahead Since the beginning of the year, it has revealed a bearish outlook for bitcoin and even ethereum (king of altcoins) in the short term.
Known for his sometimes controversial and often contrary predictions, Capo returned just as the market experienced a notable correction in October, sharing his bearish outlook for both bitcoin and ethereum. His latest prediction is that ethereum could fall as low as $1,800 before seeing a substantial recovery.
The predicted fall of eth
ethereum It's already down 10% in the last seven days and is currently trading around $2,330, but according to Capo, this drop could get worse. He predicted that eth could fall further into the $1,800 to $2,000 range, which is a possible 23% drop from its current price, before eventually recovering. However, he believes an altcoin season will still materialize.
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Quick update:
There is the possibility of a final reorganization, with twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc testing the $48k-50k zone and twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth Between $1,800 and $2,000, before the real alternate season begins.
If that happens, I will add more to my altcoin bags. https://t.co/sx6u8wPNrK
— the cryptocurrency kingpin (@CryptoCapo_) twitter.com/CryptoCapo_/status/1841601158114152912?ref_src=twsrc%5Etfw” rel=”nofollow”>October 2, 2024
Capo's analysis history since the beginning of the year shows a consistent belief in next altcoin domain. Throughout 2024, he has repeatedly emphasized the potential for altcoins, particularly ethereum, to outperform bitcoin as profits generated by btc flow into smaller assets. However, altcoin season has yet to materialize and bitcoin has continued to dominate the cryptocurrency investment scene.
Is it time to bet on ethereum?
It is worth noting that crypto Capo predictions often have some lore associated with them. There is a common joke among some investors that every time Capo makes a prediction, the market tends to do the opposite. This goes back to his crypto-crash-covers-bearish-altcoin-bets/” rel=”nofollow”>prediction of bitcoin falling to $12,000 last year, but the crypto finally broke through the resistance levels. Now, with Capo predicting the possibility of a continued drop in ethereum and bitcoin amid October's bullish market sentiment (often referred to as “Uptober”), the question arises for many investors. if your bearish call is crazy.
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Only time will tell if the market plays out according to Capo's analysis. However, given the current influx of investments and the cryptocurrency market, which mostly recovered in October, it would not be surprising if ethereum rebounded rather than experiencing the significant drop that Capo is predicting.
Naturally, many smart whales and traders have seen the current drop as an opportunity to “go long” and accumulate more ethereum pending the resumption of inflows. This sentiment is reflected through US ethereum spot ETFs, which recorded inflows of $14.45 million yesterday despite the price correction.
Interestingly, it is important to note that Capo's analysis only talks about one possible case and remains bullish for ethereum in the long term.
Featured image created with Dall.E, chart from Tradingview.com
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