Cryptocurrency analyst il Capo of Crypto spoke in his statement today after the decline in both Bitcoin and the cryptocurrency market in general.
il Capo had previously said that altcoins could decline 20% to 30% from their current levels. In his new statement, he said that part of the decline has been completed and that the altcoin market may experience another decline of 10% to 20% before reaching support levels.
However, speaking specifically about AVAX, the analyst said that the altcoin received a rejection from its main resistance between $50 and $55 and started to decline. The analyst claims that as a result of the decline, the AVAX price may drop to $24.
Additionally, speaking about Bitcoin, the analyst claimed that the BTC price still did not reach a support level after the decline and that long positions fueled the downward movement.
The analyst said he expects to see a capitulation candle along with a lot of liquidation and ideally wants BTC price to move below $60,000 before assessing a local bottom.
*This is not investment advice.
