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Well-known cryptocurrency trader, Capo, has forecasted potential significant declines for Bitcoin BTC/USD and Ethereum ETH/USD.

What Happened: Capo, who commands a large following on the social media platform X, predicts that Bitcoin might test the $48,000 to $50,000 range, while Ethereum could fall to between $1,800 and $2,000.

"There's a possibility of one last shakeout, with BTC testing the $48,000 – $50,000 zone and ETH $1,800 – $2,000, before the real altcoin season begins."

Quick update:

There's a possibility of one last shakeout, with $BTC testing the $48k-50k zone and $ETH $1.8k-2k, before the real altseason begins.

If that happens, I'll be adding more to my altcoin bags. https://t.co/sx6u8wPNrK — il Capo Of Crypto (@CryptoCapo_) October 2, 2024

Currently, Bitcoin is priced at $60,508, marking a 6% decline over the past week, and Ethereum is valued at $2,345, down by 11% over the same period.

He suggests that the market cap of OTHERS might drop to between $132 billion and $164 billion after failing to break a significant resistance level. The altcoins index was rejected from a resistance zone around $240 billion, indicating market weakness.

See Also: Donald Trump Is Now Level With Kamala Harris At 49.5% Election Odds After September Rollercoaster

Why It Matters: The potential declines for Bitcoin and Ethereum come at a time when other analysts have expressed optimism about Bitcoin’s future. A recent analysis suggested that Bitcoin could reach a new all-time high if it surpasses the $64,000 resistance level.

Additionally, the cryptocurrency market recently saw strong gains, with Bitcoin, Ethereum, and Dogecoin ending the week on a high note, driven by positive labor market data. This suggests a potential shift from the summer lull to a more bullish Q4 seasonality.

Despite the current bearish outlook, some analysts believe Bitcoin’s rebound above $61,500 indicates a higher likelihood of reaching $80,000 rather than falling to $40,000. This tension between bullish long-term charts and bearish short-term action highlights the uncertainty in the market.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

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