An analyst who became popular after accurately calling the crypto meltdown of 2022 believes Bitcoin (BTC) and altcoins are gearing up for a bullish continuation.
Pseudonymous analyst Capo tells his 102,828 subscribers on the instant messaging platform Telegram that a small pullback is in sight for BTC.
According to Capo, the minor retracement would pave the way for BTC to rise above $70,000.
“Major resistance level also for Bitcoin. A pullback to the $64,000-$65,000 level would be healthy before any bullish continuation.”
At the time of writing, Bitcoin is trading at $64,370, down over 2% in the past 24 hours.
Looking at the altcoin market, Capo says he closely follows the OTHERS chart, which tracks the market capitalization of all cryptocurrencies except the top 10 digital assets and stablecoins.
The trader sees OTHERS pulling back to $220 billion before clearing their immediate resistance at $240 billion.
“After providing initial bullish confirmation by breaking the March downtrend, it is now testing the key pivot level as resistance. We can expect some retracement here as the market gears up for October, which is historically a bullish month. This short-term pullback would align with BTC testing $65,000 (or slightly lower) as support.
That said, and as previously mentioned, any dips are for buying.”
Based on the trader’s chart, he seems to predict that OTHERS will rise above $270 billion after a brief correction. At the time of writing, OTHERS is trading for $228 billion.
Capo will also share his outlook for crypto next month.
“I expect a bit of overall retracement/consolidation during these days, warming up for October. Great things are coming.”
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Generated image: DALLE3