Analyst il Capo of Crypto Remains Bearish on Bitcoin

One of the well-known analysts in the cryptocurrency world, il Capo of Crypto, expressed his continued bearish outlook today despite Bitcoin’s recent price recovery.

Bitcoin price has rebounded from a low of $100,000 last week and is currently trading at $107,415.

In a message shared with followers via his official X account, il Capo stated that there was no significant capitulation event in the cryptocurrency market. He believes Bitcoin could first dip below $100,000, subsequently reaching the $92,000 to $93,000 range.

After this potential drop, il Capo suggested that Bitcoin may further decline to around $60,000 to $70,000, signaling a potential bottom.

In this scenario, he indicated that altcoins might face even harsher declines, suggesting altcoin prices could drop by 50% to 80% if BTC prices fall sharply.

Il Capo emphasized that he has maintained a short position since late May, particularly increasing his shorts in altcoins.

> Note: This is not investment advice.