The world’s first cryptocurrency, Bitcoin along with altcoins, is now displaying strong price action and even attained levels above $24,500. At the time of writing, Bitcoin is trading at $24,129, with a rise of 0.93% over the last 24hrs.
A popular crypto strategist and analyst, Capo, who had earlier predicted that the Bitcoin price would not trade above $30,000, has now issued a fresh warning to traders regarding the expectation of a new sell-off in the crypto market.
Capo informs his 477,300 Twitter fanbase that he is closely tracking the OTHERS chart that keeps an eye on the total market capitalization of the first 125 crypto assets. This list doesn’t include bitcoin org bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile and other large market cap assets.
He claims that the OTHERS chart will be released after failing to find the resistance at $160 billion.
Further the analyst says that a few surge by altcoins might have portrayed the resurgence of an altseason. However, he claims the reality to be completely different because the average market cap of the altcoins have not surged well; instead it’s just merely testing the macro resistance.
Hence, he believes that there will be new lows in the market soon.
At the time of writing, the OTHERS chart is positioned at $153 billion. If the chart crawls towards $66 billion as per Capo’s target, there could be a plunge of 55% in the crypto market.
Ethereum Price At Key Levels
Next, Capo talks about Ethereum (ETH) and states that at the moment the lead altcoin is testing an important resistance level. He feels this price action is crucial and is corrective in nature.
At the moment, Ethereum is changing hands at $1,911, with a surge of 2.57% over the last 24hrs.
Bitcoin Price At $25k
Lastly, the strategist takes up the Bitcoin price, and says the asset will see a rally before it plunges down.
Explaining his point, Capo claims that though Bitcoin will likely hit $25,000, there isn’t any visible bearish trend on low time frames.
Though the analyst expects the flagship currency to reach $25,400 and $25,500 range, the currency’s bear market rally is still very close.