Bitcoin continues to trade in a sideways range after the sharp declines, but has yet to break out in either direction, leaving investors wondering about its next big move.
While some analysts warned that the BTC price could fall a little further, il Capo was one of them.
Il Capo of Crypto, known for his bearish views and frequently criticized by investors for his bearish comments, shared his expectations for Bitcoin and altcoins.
Il Capo stated in his post from his X account that in the event of a second decline, he expects the BTC price to drop to around $88,000-90,000 and altcoins to drop by 10-30%.
The analyst said that although Bitcoin and altcoins have made a small recovery after the sharp decline at the beginning of the week, there are still weaknesses, and he reopened the hedge position until he sees appropriate bullish confirmations or a second wave of decline.
Hedging in the cryptocurrency market is a strategy used to help an investor offset losses that may occur due to an adverse price movement in an asset they have traded. The key here is to keep two or more open positions while trading. If there are any losses on your first trading position, you can offset them with the gains from the second.
The analyst said that he expects a local bottom, stating that he plans to continue holding and buy dips even if a second wave of selling comes.
“Although the market has recovered from the decline, there are still some fundamental weaknesses.
I have reopened the hedge position until I see proper bullish confirmations or a second wave of declines that could take BTC down to around 88k-90k.
Some altcoins may drop another 10%-30%.
Even if that happens, the plan is the same: Hold and buy the dip. A significant local bottom should be imminent.”
https://twitter.com/CryptoCapo_/status/1887822635104457087
*This is not investment advice.
