Crypto Capo returns after 2 months and predicts Ethereum to fall to $1,800. Is now the time to prolong it?
Popular cryptocurrency analyst Crypto’s Il Capo returned to social media platform The analyst, who has shown great interest in the upcoming alt season since the beginning of the year, expressed a bearish outlook for Bitcoin as well as Ethereum (the king of altcoins) in the short term.
Capo, known for his sometimes controversial and often opposing predictions, returned to share his bearish outlook for both Bitcoin and Ethereum at the exact moment the markets underwent a notable correction in October. His latest prediction is that Ethereum could plummet to $1,800 before seeing a significant recovery.
Expected decline in ETH
Ethereum has already fallen 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, where it could bounce back after falling 23% from its current price. However, he believes that altcoin season will still materialize.
Quick update:
There is a possibility of the last defection from North Korea $BTC testing the $48k-50k area; $ETH $1.8k-2k before the actual alt season starts.
If that happens I will be adding more to my altcoin bag. https://t.co/sx6u8wPNrK
— il Capo Of Crypto (@CryptoCapo_) October 2, 2024
Capo’s analysis history since the beginning of the year shows a consistent belief in the coming dominance of altcoins. He has repeatedly highlighted the potential for altcoins, especially Ethereum, to outperform Bitcoin throughout 2024 as profits generated from BTC flow into smaller assets. However, altcoin season has yet to materialize and Bitcoin continues to dominate the cryptocurrency investment scene.
Do you have time to use Ethereum for a long time?
It is worth noting that Crypto Capo’s predictions often have certain knowledge attached to them. There’s a joke among some investors that whenever Capo makes a prediction, the market tends to move in the opposite direction. This goes back to his prediction last year that Bitcoin would fall to $12,000. However, the cryptocurrency eventually surpassed the resistance level. Now, Capo is predicting a possible continued decline for Ethereum and Bitcoin amid bullish market sentiment in October (often referred to as “Uptober”), leading many investors to question whether his bearish outlook is unreasonable.
Only time will tell whether the markets will unfold according to Capo’s analysis. However, given the current investment influx and the cryptocurrency market having largely bounced back in October, it would not be surprising to see Ethereum rebound rather than experience the significant decline Capo predicts.
Naturally, many seasoned whales and traders saw the current downturn as an opportunity to go “long” and accumulate more Ethereum in anticipation of a resumption of inflows. This sentiment is reflected by the US spot Ethereum ETF, which saw inflows of $14.45 million yesterday despite the price correction.
Interestingly, it is important to note that Capo’s analysis only talks about possible cases and remains bullish on Ethereum for the long term.