Prominent cryptocurrency trader and analyst Capo expresses a negative outlook for Bitcoin (BTC) 
$98,329 and Ethereum (ETH) 
$3,414 due to the overall market decline. Sharing his observations with followers on the social media platform X, he warns that Bitcoin and Ethereum could potentially drop by 21% and 23% respectively from current levels.
Expected Decline for Bitcoin and Ethereum
In his comments, he noted, “There is a possibility of one last fluctuation, and it is possible for BTC to test the range of 48,000 – 50,000 dollars and ETH to test the range of 1,800 – 2,000 dollars.” Currently, Bitcoin is trading around 61,000 dollars, having experienced a 6% decline over the past week. Meanwhile, Ethereum is trading at 2,345 dollars, showing an 11% decrease in the same period.
Current State of the Altcoin Market
Additionally, Capo shared with his Telegram channel subscribers that the total market cap for the top ten cryptocurrencies is likely to decline between 132 billion and 164 billion dollars, as the OTHERS market cap has failed to break a significant resistance level. He stated, “If this happens, there is no need to worry. In fact, this could present a great buying opportunity. We need to adapt to the signals we are receiving from the market.” Capo emphasized the importance of adapting to current market conditions.
The OTHERS market cap currently stands at 203.645 billion dollars. Capo reminded market participants to remain aware of these fluctuations and adjust their strategies accordingly.
Such market movements present both risks and opportunities for traders. He highlighted that the upcoming altcoin season following these fluctuations could be significant.
Overall, the potential declines in Bitcoin and Ethereum could shape market strategies for traders. Acting based on the current situation is crucial for risk management.
