Crypto analyst Il Capo of Crypto has made a comeback on social media platform X after a two-month hiatus, offering insights into the future of Bitcoin and Ethereum amidst the recent market correction since the start of October. Known for his bold predictions and contrarian views, Capo has surprised many with his bearish outlook for both Bitcoin and Ethereum in the short term.
With Ethereum already experiencing a 10% drop in the past week and currently trading around $2,330, Capo predicts a further decline to the $1,800 to $2,000 range, representing a potential 23% dip from its current price before a possible rebound. Despite this bearish forecast, Capo remains optimistic about an upcoming altcoin season where smaller assets may outperform Bitcoin.
Capo’s track record throughout 2024 demonstrates his consistent belief in the potential dominance of altcoins, particularly Ethereum, over Bitcoin. However, while the altcoin season has yet to materialize, Bitcoin continues to reign supreme in the crypto investment landscape.
There is a lingering skepticism surrounding Capo’s predictions, with some investors joking that the market tends to move in the opposite direction whenever he makes a call. Nevertheless, as Capo foresees further declines for Ethereum and Bitcoin amid a bullish market sentiment in October, investors are left wondering if his bearish outlook is justified.
Only time will reveal if Capo’s analysis aligns with the market’s movements. Despite the current market correction, many investors view this as an opportunity to accumulate more Ethereum in anticipation of a rebound. This sentiment is reflected in the significant inflows into US Spot Ethereum ETFs, totaling $14.45 million despite the price drop.
It is essential to note that Capo’s analysis presents a possible scenario and maintains a bullish stance on Ethereum in the long term. As the crypto market continues to evolve, investors will closely monitor Capo’s predictions and the market trends to make informed decisions regarding their investments.