An analyst who became popular after accurately calling the 2022 crypto meltdown believes Bitcoin (BTC) and altcoins are gearing up for 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 set the stage for BTC to rally above $70,000.
“Major resistance level also for Bitcoin. A pullback to the $64,000-$65,000 level would be healthy before bullish continuation.”
At time of writing, Bitcoin is trading for $64,370, down over 2% in the past 24 hours.
Looking at the altcoin market, Capo says he’s closely following the OTHERS chart, which tracks the market cap of all crypto excluding the top 10 digital assets and stablecoins.
The trader sees OTHERS pulling back to $220 billion before taking out its immediate resistance at $240 billion.
“After giving the first bullish confirmation by breaking the downtrend from March, it’s now testing the major pivot level as resistance. We could expect some retracement here as the market gets ready for October, which historically tends to be a bullish month. This short-term pullback would align with BTC testing $65,000 (or slightly lower) as support.
With that said, and as mentioned before, any potential dips are for buying.”
Based on the trader’s chart, he appears to predict that OTHERS will soar above $270 billion after a brief correction. At time of writing, OTHERS is trading at $228 billion.
Capo also shares his outlook for crypto next month.
“Expecting a bit of overall retracement/consolidation during these days, warming up for October. Great things coming.”
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