Cryptocurrency analyst il Capo evaluated Bitcoin and altcoins in his statement on his social media account.
One of the well-known analysts of the cryptocurrency world, il Capo of Crypto, showed in his statements today that he still has bearish thoughts after the recovery in Bitcoin price.
Bitcoin price has recovered after falling to as low as $100,000 last week and is trading at $107,415 at the time of writing.
In a message shared with his followers via his official X account, il Capo claimed that there was no real capitulation event in the cryptocurrency market. According to the analyst, the Bitcoin price could first fall below $ 100,000 and then fall to the $ 92,000 to $ 93,000 region with the movement it will make.
After that, the analyst said, the Bitcoin price could drop to around $60,000 to $70,000, potentially indicating a bottom.
In this scenario, according to il Capo, altcoins may experience more severe declines. According to the analyst, in the event of such a decline in BTC prices, altcoin prices may also experience declines of 50% to 80%.
il Capo stated that he has been clearly on the short side since late May and has been adding to his short positions, especially in altcoins.
