Altcoins To Face A Bearish Market Soon
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 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…