One of the most well-known analysts in the cryptocurrency world, il Capo of Crypto, spoke in his latest statement after Bitcoin made history by exceeding $ 100,000.
In his previous statements, the analyst stated that he expected a decline, but the BTC price experienced a big rally after this statement.
After a long silence, il Capo made a comment and shared his comments on what could be expected from now on. According to the analyst, this rise was not unexpected and if the market sentiment was very high before, it has now risen to extreme levels. Bitcoin has started to be talked about in all the mainstream media and now even world leaders have caught up in this enthusiasm.
According to the analyst, while this is positive in the long and medium term, it could be a warning sign in the short term. According to Il Capo, market peaks always occur when there is a lot of euphoria and individual investors flock to the market. Most people do not even think about the possibility of a correction, expecting further increases.
According to the analyst, the key situation was the BTC price falling below $100,000, and the fact that altcoins did not join the big rally could be a sign of weakness. il Capo said that funding rates have reached excessive levels and a reset may be necessary, which could happen through a strong pullback.
The analyst claimed that he currently expects a drop between $ 89,000 and $ 91,000, and that the decline in altcoins could be between 10% and 30%. In addition, he said that a bounce could follow this drop, and some altcoins could climb to new highs. After this, he argued that a correction wave could cause it to go much lower.
Finally, he urged people to remain calm and avoid feeling FOMO.
*This is not investment advice.
