Well-known cryptocurrency analyst il Capo of Crypto spoke about the possibility of a decline in the Bitcoin and altcoin market in his latest published analysis.
In his analysis shared with his followers, il Capo claimed that a bearish confirmation is still required for the Bitcoin price and that if the BTC price falls below $ 108,000, a local top may have formed in the market, which could trigger the first decline towards $ 60,000 to $ 70,000 as the main support.
At the time of writing, Bitcoin is trading around $114,800. The world's largest cryptocurrency has lost 2.54% of its value in the past week. However, BTC broke its all-time high of $124,450 about 10 days ago.
In his latest post, analyst il Capo claimed that such a drop in Bitcoin's price could trigger a capitulation event that could result in a 50% to 80% loss in altcoin value. Il Capo has long held a bearish outlook, but since his recent analysis, the BTC price has broken multiple records.
*This is not investment advice.
