Il Capo of Crypto, a crypto analyst known for his negative views on Bitcoin, has published a new analysis of the crypto market that paints a pessimistic picture.
Il Capo argued that Bitcoin gives the illusion of a false bull market, while altcoins are struggling to recover or make new lows.
According to Il Capo of Crypto, the market is looking very bad and a major capitulation event is imminent. Specifically, he says he created a few short positions on Binance Coin (BNB) and moved the rest of his portfolio to dollars.
Here is il Capo's full statement:
“The market looks very bad. Bitcoin may give you the false illusion that we are in a bull market again, but the reality is very different, and you only have to look at altcoins that are breaking out a little from the bottom or making new lows again and again.
I don't trust Binance, Huobi, Coinbase, CZ, Justin Sun or stablecoins (especially BUSD, USDC, TUSD and USDT).
I think we will witness a major capitulation event that should mark the end of this bear market. Because of this, I created a few short positions (the largest being BNB) and the rest of my portfolio is in USD.
Altcoins can literally lose 70-80% of value. This is not FUD, this is what I see after hours and hours of deep analysis.”
il Capo continues in his statement:
“The risk is high and the warnings are few. Good luck and stay safe. A storm is coming and it's closer than you think.”
Il Capo of Crypto is a popular and controversial figure in the cryptocurrency community. The analyst, who has recently tightened his views in favor of the bear, said that he was targeting $12,000 for BTC.
*Not investment advice.