Perhaps the most well-known analyst in the cryptocurrency world, il Capo of Crypto, shared his latest views following the increases that occurred today.
According to the analyst, a significant milestone has been reached, with the Bitcoin (BTC) price surpassing $60,000 today. il Capo argued that reaching the liquidity zone above the previous all-time high is now more likely.
On the other hand, the analyst stated that BTC dominance is at a major resistance point on the long-term chart and claimed that the bullish power in the dominance is decreasing. The analyst drew attention to the altcoin dominance chart, namely OTHERS.D, to support this claim. As a result of this situation, the analyst thinks that although BTC is used as a reference for the direction of the market, the main focus should be on altcoins.
Finally, il Capo claimed in his statement that the cryptocurrency market has entered a significant impulsive bull wave and argued that altcoins will perform better during this period.
The analyst, who until recently held a largely bearish view of Bitcoin and the overall cryptocurrency market, changed his views a few months ago.
*This is not investment advice.