Analyst il Capo of Crypto, known for his bearish views on the cryptocurrency market, evaluated the situation of Bitcoin after Grayscale's victory over the SEC.
Following the SEC's refusal to convert Grayscale's product GBTC into a Bitcoin Spot ETF, the company's lawsuit resulted in Grayscale's victory. Bitcoin price climbed above $28,000 on this development.
Il Capo claimed that the rise was a “fraud pump” while the BTC price was on the rise, and said that there may be some more rise before the decline.
In addition, he argued that the main scenario in his head is that the last rise will continue to the level of $ 28,300-28,500, around $28,000 will act as a local top. He explained that he thinks that the BTC price will see $ 25,000 with the decline that he claims will start after this.
Not content with this, bear analyst il Capo said that after the $25,000 level, the next major support level is $20,000-21,000, and then the ultimate main target level is $12,000.
Il Capo is one of the most well-known analysts in the cryptocurrency world and was once known for his bull-favoring statements in Bitcoin. Recently, it has been drawing the reaction of the crypto money community with its pro-bear statements.
*Not investment advice.
