A widely followed cryptocurrency trader and analyst is leaning bearish on Bitcoin (BTC) and Ethereum (ETH) amid a market downturn.

The trader pseudonymously known as Capo tells his 866,300 followers on the social media platform X that Bitcoin and Ethereum could fall by up to 21% and 23%, respectively, from the current levels.

“There’s a possibility of one last shakeout, with BTC testing the $48,000 – $50,000 zone and ETH $1,800 – $2,000, before the real altcoin season begins.”

Bitcoin is trading at $60,508 at time of writing, down by 6% over the past seven days. Ethereum is trading at $2,345 at time of writing, down by 11% over the past week.

The pseudonymous analyst also offers an update on the altcoins ranked below the top-ten largest crypto assets by market cap, which are commonly referred to as OTHERS, on his Telegram channel. Capo tells the 103,281 subscribers of his Telegram channel that the total market cap of OTHERS could drop to between $132 billion and $164 billion after failing to cross above a major resistance level.

“The altcoins index (OTHERS) never gave the second and main bullish confirmation. Instead, it was strongly rejected from the resistance zone (dark zone ~$240 billion), showing weakness. From here, we could see a last drop to the blue ”buy zone” ($132 billion – $164 billion).

No need to worry if this happens. In fact, it could present a great buying opportunity. We have to adapt to what the market gives us.”

OTHERS’ market cap is at $203.645 billion at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

“Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course,” Powell said. “The risks are two-sided, and we will continue to make our decisions meeting by meeting.”

Ethereum (ETH) price has experienced a recent surge, hitting $2,600. The trend is bullish, but whales or institutional investors sold off approximately $45 million worth of ETH on Saturday.

Ethereum Whales Sell $45 Million ETH as ETH Price Hits $2,600

In a recent development, two whales have sold large amounts of Ethereum (ETH). According to a report from Lookonchain, a wallet associated with Cumberland moved 11,800 ETH, valued at approximately $31.88 million, to Coinbase. This transaction occurred about seven hours ago. Additionally, ParaFi Capital has withdrawn 5,134 ETH, worth an estimated $13.83 million, from the Lido platform. This ETH was subsequently transferred to Coinbase Prime around six hours ago.

2 institutions are selling $ETH!

A wallet related to #Cumberland deposited 11,800 $ETH($31.88M) into #Coinbase 7 hours ago.#ParaFiCapital withdrew 5,134 $ETH($13.83M) from #Lido and deposited it into #CoinbasePrime 6 hours ago.

Address:… pic.twitter.com/zuOe68IIuJ

— Lookonchain (@lookonchain) September 28, 2024

The significant movements of ETH have raised concerns, particularly in the crypto community, where institutional activity often signals market shifts. Cumberland and ParaFi Capital, both recognized entities in the crypto industry, appear to be adjusting their ETH positions.

ETH Price to Hit $20K: Analyst Forecasts

Crypto analyst Julien Bittel, CFA, has forecasted a significant surge for Ethereum, potentially hitting $20,000 by early 2025. Comparing ETH’s 2023 trend with current data, he observes striking similarities, suggesting a potential repeat of last year’s bullish movement. 

Bittel shared a chart that illustrates Ethereum’s performance from January 2023 to March 2024, mirroring its present trajectory. If this pattern holds, the ETH price forecast could see substantial gains by year-end, pushing towards the $20,000 mark by January 2025. 

ETH price has slightly increased to $2,671.43, registering a modest rise of 0.05% over the last 24 hours. Despite this small uptick, the price remains within the range of $2,643 and $2,728 during the same period.

The chart reflects fluctuations in market volatility between these levels, with notable highs near $2,700 and dips toward $2,660. Ethereum’s overall performance displays resilience, hovering near the $2,670 mark as it navigates market pressures.

Despite institutional selling, Ethereum shows resilience with a modest price rise. The $20,000 forecast by 2025 adds optimism, although market volatility persists. Ethereum’s near-term stability suggests potential growth, even as institutional investors adjust their positions.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.