An analyst known as Capo, who accurately predicted Bitcoin’s significant decline in 2022, now believes that Ethereum is poised to revisit its all-time highs. With a following of 847,900 on the social media platform X, Capo expresses bullish sentiments towards Ethereum as long as it maintains its immediate support at $3,600.
According to Capo’s chart analysis, Ethereum is expected to rally to $4,100 before experiencing a minor correction and eventually moving towards its previous peak of around $4,900. As of the current writing, Ethereum is valued at $3,683, showing a slight decrease over the past day.
In terms of the broader cryptocurrency market, Capo suggests that the recent market correction on Friday was likely a deliberate sell-off event aimed at shaking out weak investors. The analyst believes that crypto assets will resume their upward momentum if Bitcoin remains above $69,000 and Ethereum trades above $3,600.
Capo emphasizes that altcoins are still poised for significant gains this month, despite the correction that took place last Friday. He anticipates that June could be a favorable month for altcoins.
At the time of writing, Bitcoin is priced at $69,429. Capo’s insights and analysis point towards potential opportunities for investors in the cryptocurrency market, urging caution and thorough research before making any high-risk investment decisions. The Daily Hodl, where this information was sourced from, does not provide investment advice and encourages individuals to be fully informed before engaging in cryptocurrency transactions.