Il Capo of Crypto, one of the most well-known analysts in the cryptocurrency world, assessed today’s sudden drop in Bitcoin’s price.
The price of BTC has fallen by 1% in the last 24 hours and is currently trading around $66,377 at the time of writing.
Il Capo acknowledged that current market conditions are not ideal, but stated that he is seeking to make the best of the situation. The analyst added that he still believes in a bullish outlook.
According to the analyst, the cryptocurrency market is currently forming a local bottom, with all liquidity concentrated above this level. Therefore, the analyst argues that a strong short squeeze is likely.
il Capo evaluated several altcoins in addition to BTC. According to the analyst, XMR, XLM, and BCH are among the altcoins showing the best outlook. The analyst suggests that these three altcoins have solid long-term chart patterns and could outperform if his scenario unfolds.
However, the analyst added that the current bear market will be longer and different from previous ones. He explained this difference by pointing to altcoins approaching their cycle lows while Bitcoin is simultaneously reaching its cycle high.
*This is not investment advice.
