Cryptocurrency analyst il Capo has discussed the state of Bitcoin and the general crypto market in his new analysis.
Il Capo, who is generally known as a bearish analyst, has recently left this attitude behind and said that he believes BTC will experience a significant rise. The analyst has similar thoughts for altcoins.
In his latest post, il Capo discussed the current state of the market. According to the analyst, the fact that the Bitcoin price managed to reclaim $ 60,000 seems to be in favor of the bull. il Capo thinks that the current bullish confirmation is possible with the reclaiming of $ 69,000 and in addition to this, breaking above the descending channel on the chart. According to the analyst, if this happens, the structure formed by the low peaks will also be broken.
According to il Capo, as long as the BTC price continues to make higher lows from this level, altcoins could perform well.
il Capo defines the liquidity zone between $ 74,000 and $ 79,000. In his previous statements, he defined the liquidity zone between $ 58,000 and $ 60,000 and predicted that a rise could begin after a drop here. However, during the drop, the BTC price fell to $ 49,000.
*This is not investment advice.