Well-known analyst il Capo of Crypto has reiterated his bearish stance on the market, suggesting that Bitcoin may be nearing a local top despite its recent string of record highs.
In his latest analysis, he warned that if BTC falls below $108,000, it would confirm a bearish signal and potentially trigger a correction down to the $60,000-$70,000 range, which he views as the next major support zone.
At press time, Bitcoin trades near $114,800, still holding above the level il Capo flagged as critical. The cryptocurrency hit a fresh all-time high of $124,450 just over a week ago but has since pulled back by more than 7%.
The analyst added that such a decline could spark a capitulation across the broader market, with altcoins potentially losing between 50% and 80% of their value. He has consistently maintained a cautious outlook even as Bitcoin repeatedly set new records in recent months.
For now, Bitcoin’s price action suggests resilience, but il Capo believes confirmation below $108,000 could mark the beginning of a much deeper downturn.
