Analyst Who Called Bitcoin Collapse This Year Issues New Warning For Altcoin Traders
The crypto strategist who nailed Bitcoin’s (BTC) crash below $30,000 this year is warning that a sell-off event across the altcoin markets is imminent.
Pseudonymous analyst Capo tells his 477,300 Twitter followers that he keeps a close eye on the OTHERS chart, which tracks the total market capitalization of the top 125 cryptoassets excluding Bitcoin and other large-cap altcoins.
Capo says the OTHERS chart is set to roll over after failing to take out resistance at $160 billion.
“Some exit fraud pumps on altcoins may give you the illusion that we are in an alt season. Far from true. The reality is that the average market cap of altcoins has not even doubled and it makes a rounded test of a macro resistance. Don’t be fooled. New lows are likely.”
At the time of writing, the OTHERS chart is hovering at $153 billion. A move to Capo’s target of around $66 billion suggests a downside risk of over 55%.
Looking at Ethereum (ETH), Capo says the leading smart contract platform is currently testing a major resistance level.
– This level is much more important. Also the fact that the move is corrective says it all.”
As for Bitcoin, Capo says he sees one more rally for the king crypt before resuming its downtrend.
“$25,000 reached, but no bearish signs yet [the] low timeframes. We could see another leg up to $25,400-$25,500, but in my opinion the top of this bear market rally is very close. Most altcoins are reaching major opposition.”
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Featured Image: Shutterstock/DanieleGay/Sashkin
