At a time when Bitcoin and altcoins have experienced a significant decline in the last 24 hours, Capo of Crypto, one of the oldest analysts of the industry and generally known for his bearish views, interestingly said that he is in favor of the bull in the current situation.
In his statement to his followers, il Capo listed various reasons why he is in favor of the bull. According to the analyst, the fact that there is currently a very negative sentiment in the market, Bitcoin (BTC) and Ethereum (ETH) still remain strong, S-1 approvals in Ethereum Spot ETFs and their start of trading will take place in the coming weeks, the altcoin / BTC parity is strong. He cited the fact that it is at a support level and that there has been no bad news so far as the reasons for being in favor of the bulls.
The analyst added that he could not think in favor of the bear under these conditions.
In addition, il Capo stated in his posts during the day that BTC regaining the $ 65,500 level would be an extremely bullish event. At the time of writing this article, Bitcoin price is trading at $65,132 and has lost 2.2% in the last 24 hours.
*This is not investment advice.