Cryptocurrency analyst il Capo of Crypto, known for his bearish statements, published a statement again after the big rally in Bitcoin increased the price above $ 35,000.
The analyst talked about BTC, which was traded at $ 34,853 with the correction it experienced at the time of writing this article, after pushing the limit of $ 35,900 and $ 36,000.
According to the analyst, after the correction, there were divergences in favor of bears on the charts of BTC in many time frames. il Capo said a “distribution pattern” was observed in the lower time frames, but this needed confirmation.
According to the analyst, a clear decline below $ 33,500 must first occur for the bearish trend to be confirmed. If it falls below this level, the analyst believes that the BTC price will drop to at least the $ 30,000 to $ 31,000 range.
il Capo said that in case of a decline to this level, the reaction of the price from this level should be examined to decide whether the recent rally is a fake rise or a real bull rally.
In his recent statement, il Capo shared that he had incurred losses in his short positions in many altcoins following the recent rally.
*This is not investment advice.