Renowned crypto analyst il Capo of Crypto recently shared his latest insights on the altcoin market, shedding light on his expectations for the months ahead.
il Capo Predicts a Temporary Decline in the Altcoin Market
In his analysis, il Capo focused on the OTHERS chart, which tracks the total market cap of altcoins excluding the top 10 largest cryptocurrencies. According to the analyst, after breaking the downtrend that had persisted since March, the first bullish confirmation is now behind us. The market is currently testing a critical resistance level.
At the time of writing, OTHERS stands at around $232 billion, and il Capo believes that once this figure reaches $250 billion, we could see a second bullish confirmation. However, with the market traditionally preparing for a bullish October, he expects a potential short-term pullback from this level.
The analyst also mentioned that this temporary dip might coincide with Bitcoin testing the $65,000 level or slightly lower. Despite this, he remains optimistic about the overall outlook for both Bitcoin and the altcoin market in the longer term.
