Il Capo of Crypto, an anonymous trader and analyst who has been around since 2017 and gained popularity for predicting the top of the cryptocurrency market in early 2022, shared his bearish views on altcoins in his latest tweet.
"Bitcoin Pairs Drop in Altcoins"
The analyst said that most altcoins are not making new local highs compared to Bitcoin, and they are facing major resistance showing weakness. He also pointed out that Bitcoin pairs are also in a very strong downtrend.
il Capo added that the altcoin total market cap chart is also bearish and the next support is much lower.
The analyst said that he remains short on BNB, TRX, AAVE and SOL and may add MATIC and FTM to his short portfolio. He explained that his shorts make up 30% of his portfolio, with the other 70% being USD.
Il Capo of Crypto has been consistent in the bearish trend regarding the crypto market ever since it predicted that it will drop as low as $21,000 when Bitcoin hits $69,000 during its bull rally.
However, il Capo has been heavily criticized by other crypto industry supporters for his negative views.
In his past statements, il Capo said that the $12,000 level for Bitcoin is his target.
*Not investment advice.