The most popular crypto analyst during the market crash period was undoubtedly Crypto Capo. However, the aftermath was disappointing. Despite making impactful evaluations by reading the trend correctly, Crypto Capo missed the major rebound last year and has long started to believe in the rise. In other words, he gave up his stubbornness. He just shared his latest evaluation.
Why Did Cryptocurrencies Drop?
In the first quarter of the year, cryptocurrencies had good days with the excitement of ETFs. Most of the second quarter was also positive. However, things have become extremely complicated in the last few months. Despite the approval of the ETH ETF and many positive developments, most cryptocurrencies saw new lows under the shadow of billion-dollar sales.
Capo evaluates the recent period as follows;
“The crypto market has been in a downtrend since March 2024, when Bitcoin broke its ATH several times in a row, and there was some excitement due to large inflows from ETFs. Following this, Bitcoin started trading below its 2021 ATH, leading to the market correction we have seen in recent months due to fears of supply entering the market from sources like Mt. Gox, German and US Governments, and geopolitical conflicts.”
Will Altcoins Rise?
The expert, who particularly highlights the rise experienced by altcoins like RARE, believes that the rise in altcoins will continue in general. Although BTC is currently hovering around $58,000, we have often seen prices continue to rise in the direction of the trend after such boring periods.
In his evaluation today, Capo said that the rise in altcoins will continue and wrote the following;
“This downtrend shows the same characteristics in most coins, with a clear descending trend line connecting lower peaks. Essentially, we are seeing a correction following an uptrend similar to what we saw from April to July 2021 before the rise continued. Some tokens like RARE have already broken this downtrend with some interesting rises. Should we expect the same for the rest of the market?
Confirmations are still needed, but based on a comprehensive analysis using various methods and data sources, and as I have been saying for weeks, I believe there is a high chance of seeing a recovery in the market with a bullish rally for altcoins.”
