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, its now testing another important resistance, which was support before (support/resistance flip). Main target remains $60 to $80.”

Source: CryptoCapo/Telegram

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 analysts 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 weve seen it all… think again.”

Source: CryptoCapo/Telegram

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

Generated Image: Midjourney