Crypto Trader Says Ethereum Rival Primed for Massive Crash After a Dead Cat Bounce, Updates Outlook on Bitcoin

A pseudonymous crypto analyst is predicting that a large-cap Ethereum (ETH) competitor could depreciate by double-digit percentage points from the current level.

The analyst, pseudonymously known as Capo, tells his 128,716 Telegram subscribers that Solana (SOL) is currently testing a resistance level that was previously a support zone.

According to Capo, Solana could fall by up to 58% from the current level after failing to break above a level last reached late last month.

“After the current dead-cat bounce, it’s now testing another important resistance, which was support before (support/resistance flip). Main target remains $60 to $80.”

Solana is trading at $143 at time of writing, down by around 51% from the all-time high reached in January.

Turning to Bitcoin (BTC), Capo says the crypto king is facing strong resistance at the level just below $109,000. Based on the pseudonymous analyst’s chart of the one-day time frame, it appears Capo is suggesting that Bitcoin could first fall to a support level around the price of $93,000.

Capo also appears to suggest that Bitcoin could capitulate even further and revisit the zone between $60,000 and $70,000, levels last witnessed in October of 2024.

“If you think we’ve seen it all… think again.”

Bitcoin is trading at $107,197 at time of writing, down by around 4% from the current level.

 

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