Popular cryptocurrency analyst Il Capo of Crypto returned to social media platform Analyst who was so large on upcoming alternative season since the beginning of the year, it has revealed a bearish outlook for Bitcoin and even Ethereum (the king of altcoins) in the compact term.

Known for his sometimes controversial and often contradictory predictions, Capo returned just as the market saw a clear correction in October, sharing his bearish predictions for both Bitcoin and Ethereum. His latest prediction is that Ethereum could fall as low as $1,800 before making a significant recovery.

ETH expected drop

Ether has already dropped by 10% over the past seven days and is currently trading at around $2,330, but Capo said the decline could deepen. He predicted that ETH could fall further into the $1,800 to $2,000 range, representing a possible 23% drop from its current price before eventually recovering. However, he believes that altcoin season will still come.

Quick update:

There is a possibility of a final shakeout with $BTC testing the 48-50 thousand zone USD and $ETH 1.8–2 thousand dollars before the real alternative season begins.

If this happens, I will add more to my altcoin bags. https://t.co/sx6u8wPNrK

— il Capo Of Crypto (@CryptoCapo_) October 2, 2024

Capo’s year-to-date analytics experience demonstrates unwavering faith in upcoming altcoin domination. Throughout 2024, he repeatedly highlighted the potential for altcoins, particularly Ethereum, to outperform Bitcoin as profits generated from BTC flow to smaller assets. However, altcoin season has yet to materialize and Bitcoin still dominates cryptocurrency investment scene.

Time to get into debt on Ethereum?

It’s worth noting that Crypto Capo predictions often come with a story behind them. Some investors often joke that whenever Capo makes a prediction, the market usually does the opposite. It goes back as far back as him Bitcoin decline forecast Last year, the cryptocurrency breached $12,000 but eventually broke through resistance levels. Now, with Capo predicting the possibility of further declines in Ethereum and Bitcoin prices amid October’s bullish market sentiment (often called “Uptober”), the question arises for many investors if his bearish call turns out to be far-fetched.

Only time will tell whether the market situation will pan out according to Capo’s analysis. However, given the current influx of investment and the cryptocurrency market mostly rising in October, it would not be surprising if Ethereum rebounds rather than experiencing the significant decline Capo forecast.

Naturally, many savvy whales and traders saw the current decline as an opportunity to “go long” and accumulate more Ethereum while waiting for inflows to resume. This sentiment is reflected in the US Spot Ethereum ETFs, which, despite price corrections, recorded an inflow of $14.45 million yesterday.

Interestingly, it should be noted that Capo’s analysis only talks about a possible case and remains bullish for Ethereum in the long run.

Featured image created with Dall.E, chart from Tradingview.com