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Popular crypto analyst Il Capo de Crypto returned to social media platform . The analyst, who was so important on a a new season imminent since the beginning of the year, has revealed bearish outlooks for Bitcoin and even Ethereum (king of altcoins) in the short term.
Known for his sometimes controversial and often contrarian predictions, Capo returned just as the market was experiencing a notable correction in October, sharing his bearish outlook for Bitcoin and Ethereum. His latest prediction is that Ethereum could fall as low as $1,800 before seeing a substantial recovery.
ETH Predicted Decline
Ethereum has already fallen by 10% over the past seven days and is currently trading around $2,330, but according to Capo, this decline could get worse. He predicted that ETH could fall further into the $1,800-$2,000 range, representing a possible 23% decline from its current price, before eventually rebounding. However, he believes an altcoin season will still materialize.
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Quick update:
There is a possibility of one last shock, with $BTC test the $48,000-50,000 zone and $ETH $1.8k-$2k, before the real alternate season begins.
If this happens, I will add more to my altcoin bags.
– Crypto Capo (@CryptoCapo_) October 2, 2024
Capo’s analysis track record since the start of the year shows a consistent belief in the upcoming domination of altcoins. Throughout 2024, he has repeatedly highlighted the potential for altcoins, particularly Ethereum, to outperform Bitcoin as profits from BTC flow to smaller assets. However, the altcoin season has not yet happened, and Bitcoin continued to dominate the crypto investment scene.
Is it time to invest in Ethereum for a long time?
It should be noted that Crypto Capo predictions are often linked to a certain tradition. There is a running joke among some investors that whenever Capo makes a prediction, the market tends to do the opposite. It goes back as far as his prediction of the fall of Bitcoin $12,000 last year, but the crypto finally broke above resistance levels. Now, as Capo predicts the possibility of a continued decline in Ethereum and Bitcoin amid the bullish market sentiment in October (often dubbed “Uptober”), this raises the question for many investors. if his bearish call is far-fetched.
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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 crypto market, which mostly recovered in October, it would not be surprising if Ethereum rebounded rather than experiencing the significant decline Capo predicted.
Naturally, many whales and savvy traders saw the current decline as an opportunity to “go long” and accumulate more Ethereum while waiting for inflows to resume. This sentiment is reflected in the US Spot Ethereum ETFs, which saw inflows of $14.45 million yesterday despite the price correction.
Interestingly, it is important to note that Capo’s analysis only speaks to one possible case and remains bullish for Ethereum in the long term.
Featured image created with Dall.E, chart from Tradingview.com
