An analyst who gained popularity after correctly predicting a cryptocurrency crash in 2022 believes Bitcoin (BTC) and altcoins are primed for a continuation of their bull run.
Household analyst Capo told 102,828 subscribers on instant messaging platform Telegram that there would be a small decline in BTC.
According to Capo, a small retracement would set the stage for BTC to rise above $70,000.
“There is also a big resistance level in Bitcoin. A decline towards the $64,000-$65,000 level would be sound before the bullish continuation.”
As of this writing, Bitcoin is trading at $64,370, down more than 2% in the last 24 hours.
Looking at the altcoin market, Capo says he closely follows the OTHERS chart, which tracks the market capitalization of the top 10 digital assets and all cryptocurrencies excluding stablecoins.
Traders expect OTHERS to retreat to $220 billion before finding immediate resistance at $240 billion.
“After breaking the downtrend from March and providing the first confirmation of strength, we are now testing key pivot levels as resistance. We can expect some retracement here as the market prepares for October, a historically strong month. This near-term decline coincides with BTC testing $65,000 (or slightly lower) as support.
As mentioned earlier, any potential downside is a buy.”
Based on trader charts, he appears to be predicting that OTHERS will soar to over $270 billion after a brief correction. As of this writing, OTHERS is trading at $228 billion.
Capo also shares his outlook for cryptocurrencies in the coming month.
“Nowadays, we are expecting a bit of an overall retracement/consolidation heading into October. Good things are coming.”
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