One of the most well-known analysts in the cryptocurrency world, il Capo of Crypto, has released an update on altcoins in his latest assessment, which he shared with his followers today.
il Capo recently released a statement in which he argued that he expects altcoins to drop another 20% to 40% from their current levels, after which an altcoin season could be triggered.
The analyst argued in his assessment shared today that this is an “average scenario.” According to the analyst, in such scenarios, Bitcoin price would be the asset that experiences the least decline and is usually around 15% and the target price in the current situation could be around $80,000 to $85,000. However, the analyst does not rule out a candle wick breakout towards the lower level.
According to the analyst, altcoins could see a 20% to 40% drop, while strong altcoins could see a 20% to 30% drop and weak altcoins could see a 30% to 40% drop. Interestingly, il Capo argued that memecoins would be the hardest hit in such a scenario, witnessing a 50% to 60% decline.
il Capo said that no one wants such a scenario to happen, but the issue is not what people want, but what the market will give people.
*This is not investment advice.
