Cryptocurrency analyst known as Il Capo of Crypto has published a hard forecast for the price of Bitcoin (BTC).
il Capo Points at $29,500 for Bitcoin Bearish Confirmation
Il Capo, in his analysis shared with his followers, said:
“According to me, over $30,000 is being distributed right now. Whales in particular are distributing at $31,000, adding a lot of supply and selling. The first bearish confirmation will be a definitive break of $29,500. The main bearish confirmation is a clean break below $25,000. The main target remains $12,000.”
il Capo’s prediction comes after the world’s largest asset manager, BlackRock, filed a spot Bitcoin exchange-traded fund (ETF) application with the US Securities and Exchange Commission (SEC). The filing indicates that BlackRock plans to invest directly in BTC rather than futures contracts or other derivatives.
The news of the ETF filing was met with mixed reactions from the cryptocurrency community. While some see this as a bullish sign of institutional adoption and increased liquidity for BTC, others see it as a potential threat to the decentralized nature and security of the BTC network.
*Not investment advice.
