The analyst who gained popularity for accurately predicting the 2022 crypto meltdown believes Bitcoin (BTC) and altcoins are gearing up for a continued bullish run.
Capo, a pseudonymous analyst, told 102,828 subscribers on the instant messaging platform Telegram that a small fall in Bitcoin is on the horizon.
According to Capo, a small retracement could pave the way for BTC to rise above $70,000.
“A big resistance level for Bitcoin as well. A move back to $64,000 to $65,000 levels would be healthy before the bullish continuation.”
At the time of this writing, Bitcoin is trading at $64,370, down more than 2% in the past 24 hours.
Regarding the altcoin market, Capo said he closely monitors the OTHERS chart, which tracks the market capitalization of all cryptocurrencies except for the top 10 digital assets and stablecoins.
Traders expect OTHERS to retreat to $220 billion before hitting immediate resistance at $240 billion.
“After providing initial bullish confirmation by breaking the downtrend from March, we are now testing key pivot levels as resistance, heading into October, which historically tends to be a bullish month. We can expect some retracement here as the market gears up for the next move. It will match.
That said, as mentioned above, the potential downside could be a buy. ”
Based on traders' charts, he seems to predict that OTHERS will soar above $270 billion after a temporary correction. As of this writing, OTHERS has a trading value of $228 billion.
Mr. Capo also shares his outlook for cryptocurrencies in the coming month.
“We're looking at a bit of a recovery/consolidation overall over the last few days, setting us up for October. Great things are going to happen.”
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