An analyst who was right about Bitcoin (BTC) falling below $30,000 this year conveyed his new views. The anonymous crypto strategist known as “Capo” warns that a sell-off is imminent in the altcoin markets. Here are the details…
Altcoin analyst tracks top 125 cryptocurrencies
Capo tells his 477,300 Twitter followers that he closely follows the “Other” chart, which tracks the total market cap of the top 125 crypto assets excluding Bitcoin and other major altcoins. Capo said the “Other” chart will drop after it fails at the $160B resistance. According to the analyst, “exit scams” in some altcoins may suggest that we are in altcoin season. However, this is not true. According to the analyst, the average market cap of altcoins has not even doubled. Moreover, it does a macro resistance test. Capo warned his followers not to “get fooled” by this. Also, “New declines are likely,” he said.
At the time of writing, the “Other” chart is hovering at $153 billion. A move towards Capo’s target of around $66 billion indicates a downside risk of over 55 percent. Looking at Ethereum (ETH), Capo says that the leading smart contract platform is currently testing a major level of resistance. Capo uses the following expressions:
This level is much more important. Also, the fact that the move is corrective says it all.
A rally for Bitcoin is on the horizon
As for Bitcoin, Capo says he sees another rally for the biggest cryptocurrency before continuing the downtrend. Talking about BTC exceeding $25,000 the other day, the analyst says, “there are no signs of bearish yet in the short timeframes.” We are likely to see another move to $25,400 to $25,500. However, the analyst said, “I think the peak of this bear market rally is very close. “Most altcoins are reaching huge resistances,” he says.
Capo’s previous predictions
As we have also reported as Kriptokoin.com, Crypto Capo was right in many of his predictions. He warned of panic in the crypto market back in June. In March, he said that Bitcoin could drop by as much as 50 percent from its $44,000 price. Also known as Il Capo of Crypto, the analyst predicted that BTC would drop to $3,500 in recent years. He also predicted that Ripple’s XRP would see the $0.11 levels. Continuing his XRP predictions, the analyst also predicted the price action of XRP at $ 0.13.
Then, the analyst also shared his predictions for the popular altcoin Cardano (ADA). According to his forecast published in August of last year, Cardano would drop to $1.90 before continuing its rise. The analyst’s prediction turned out to be correct. For this reason, many investors are watching the analyst’s comments with interest. However, it would be logical for each investor to invest in line with their own research.
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