Popular analyst il Capo of Crypto, who has maintained his short tendencies on Bitcoin and the general cryptocurrency market since the middle of the last bull, announced his new views after the Bitcoin price hit $ 38,400 for the first time since May 2022.
According to the analyst, BTC price showed a deviation from its previous local peaks and showed an upward movement. Many people are expecting a move above $40,000. The analyst suggests that this level may surprise by arriving earlier than expected.
However, il Capo claims that the level of “greed, arrogance and arrogance” in the market has reached extreme levels. According to the analyst, a similar situation occurred in 2022 when the BTC price increased to $ 45,000-48,000. il Capo argued that he predicted a return to 21,000-23,000 dollars at that time and that he encountered huge reactions.
According to the analyst, the situation is a little different this time, as the BTC price is lower than in the said period and funding rates are much higher, close to all-time highs.
The analyst said that the market will decide whether the recent rise is a bear rally or the result of manipulation, and in his opinion, this is basically the case. il Capo explained that declines could occur within a few days or weeks, so he preferred to stay out of the market at the moment.
According to the analyst, in the possibility of a decline, there may be support between $ 30,000 and $ 31,000 because these levels have served as resistance for a long time. il Capo thinks that if this level is reached, there may be a short-term jump. Additionally, in the event of a drop below $35,000, the divergence in favor of the bear will be confirmed, which will eventually push the price below $30,000.
According to the analyst, there is only $25,000 resistance below $30,000, but this level has also been tested several times before and it seems unlikely to hold. The analyst concluded his analysis with a target of $ 12,000 for BTC, which he has been saying for a long time.
*This is not investment advice.