Cryptocurrency analyst il Capo spoke about the recent appreciation in Bitcoin price in his statement.
The BTC price has been on a downtrend for a while now, dropping to as low as $92,000 at the moment, and is trading at $93,475 at the time of writing.
Speaking about the drop, the analyst claimed that this entire pullback wave looks like a “bear trap” and is intended to shake off most people before a strong bull run for altcoins ensues. The analyst added that he remains patient.
On the other hand, during the decline yesterday, il Capo said that he added more ENA and ZEUS altcoins to his portfolio from the current levels. The analyst added that the ENA price is in a demand/support area similar to BTC and stated that he believes it will bounce. The price of the altcoin, which was trading around $ 0.88 when the analyst made this statement, is trading at $ 0.895 at the time of writing.
The analyst believes that $90,000 to $92,000 constitutes a strong demand/support zone for Bitcoin.
*This is not investment advice.
