Cryptocurrency analyst il Capo of Crypto made a statement following the recent decline in Bitcoin and altcoins.
Experienced cryptocurrency analyst il Capo of Crypto made assessments regarding the cryptocurrency market, which experienced a sharp decline following Donald Trump’s statements on high customs duties against China.
According to the analyst, the recent decline is likely a precursor to a sudden and unpredictable market shock, often described as a “black swan.” Il Capo noted that this could be the first stage of a larger process, and that markets have yet to fully bottom.
The analyst noted that while many altcoins are experiencing historic levels of capitulation, some major cryptocurrencies have yet to fully correct. He added that new lows could form below current price levels, and even levels considered “buy zones” could be broken.
Il Capo noted that Bitcoin is still trading above the $100,000 level, and said a full correction could be completed in the $60,000-$70,000 range. He argued that downside risks remain unless this point is reached.
The analyst also noted that structural weaknesses are evident in traditional markets, adding that this fragility could cause short-term global shocks and that a kind of “reset” process could occur before confidence is re-established.
Finally, Il Capo of Crypto warned investors to be cautious, stating that markets may briefly trend sideways over the weekend, but the downward trend may accelerate again when global markets open next week.
