Il Capo of Crypto, one of the most well-known analysts in the cryptocurrency world, made a statement after the recent sudden decline in Bitcoin and the general cryptocurrency market.
While the Bitcoin price was above $66,000 until a few hours ago, it made a sudden decline and is trading at $64,600 at the time of writing this article, with a decrease of approximately 3% in the last 24 hours.
In his statement this morning, il Capo said that the bear trend seen in the last decline was expected to continue. In his previous statement following the decline, the analyst claimed that his expectations were correct.
However, in his analysis today, il Capo also talked about the market in general.
According to the analyst, the market started to recover after the BTC price took some of the liquid below $60,000. Some altcoins created new lows, while others showed resistance.
Despite this, the analyst claimed that Bitcoin price still left liquidity between $57,000 and $59,000 and the recent bounce was overextended. According to the analyst, another downward trough can be expected in the market, but this downward wave will not create a new local bottom, only a higher bottom will be seen.
*This is not investment advice.