Cryptocurrency analyst Capo, known for accurately predicting the 2022 crypto meltdown, is now bullish on Bitcoin (BTC) and altcoins. In a recent update to his 102,828 Telegram subscribers, Capo mentioned that a minor pullback is on the horizon for BTC before it surges above $70,000.
Capo pointed out that a retracement to the $64,000-$65,000 level would be healthy for Bitcoin before it continues its upward trend. Currently, Bitcoin is trading at $64,370, down over 2% in the past 24 hours.
When it comes to altcoins, Capo is closely monitoring the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the top 10 digital assets and stablecoins. He anticipates a pullback to $220 billion for OTHERS before breaking through its immediate resistance at $240 billion.
Capo believes that this short-term pullback aligns with Bitcoin testing $65,000 as support and sets the stage for a bullish October. He emphasized that any potential dips are opportunities for buying.
Based on Capo’s analysis, he predicts that OTHERS will surpass $270 billion after a brief correction. Currently, OTHERS is trading at $228 billion.
Looking ahead to the next month, Capo expects some overall retracement and consolidation in the crypto market as it gears up for a positive October. He expressed optimism about the future of cryptocurrencies and hinted at exciting developments to come.
In conclusion, Capo’s analysis suggests a bullish continuation for Bitcoin and altcoins, with potential short-term pullbacks presenting buying opportunities for investors. As the market prepares for October, traders are advised to stay vigilant and capitalize on the upcoming trends in the cryptocurrency space.