Cryptocurrency analyst Il Capo of Crypto, known for his bearish predictions for Bitcoin, made a new post about the tactic he will implement after the latest rally in the BTC price.
BTC price reached the $ 35,000 mark after its rally. In another recent post, the analyst said that some of the altcoin short positions were at a loss and that the bear scenario could be invalidated unless BTC falls below $ 30,000.
il Capo: “Macro View Continues to Look Bad”
According to its new post, il Capo continues its bearish approach and attributes the rise to liquidity gaps and market manipulation:
“The other day's action does not change the nature of the entire rally from the lows. “There's no doubt it went higher and lasted longer than expected, but the idea remains fundamentally the same.”
Il Capo advised the cryptocurrency community to use common sense and not be influenced by emotions or meaningless news. He warned of an impending recession in the United States, ongoing wars, and new regulations that could negatively impact cryptocurrencies. He also said that he expects other problems for Binance that could significantly shake the market.
“US stocks look weak. Their rally this year is losing steam and starting to reverse, confirming a bear market rally,” he added.
For Bitcoin to reverse its uptrend, il Capo suggests that a good first step would be for BTC to fall below $31,000 to confirm its decline, and ideally below $30,000, which also acts as a psychological level.
*This is not investment advice.
