The cryptocurrency analyst known as il Capo from Crypto recently commented on the state of Bitcoin and the overall cryptocurrency market following a decrease in prices.

il Capo had previously mentioned that altcoins could experience a decline of 20% to 30% from their current values. In a more recent statement, he indicated that a portion of this decline has already occurred, with the possibility of another 10% to 20% decrease in the altcoin market before finding support levels.

Regarding AVAX specifically, il Capo noted that the altcoin faced resistance in the $50 to $55 range, leading to a decline. The analyst predicts a potential drop in AVAX price to $24 as a consequence of this decrease.

When discussing Bitcoin, il Capo pointed out that the cryptocurrency has yet to find firm support following its recent decline. He observed that long positions contributed to the downward trend and is anticipating a capitulation event with significant liquidations. Ideally, il Capo is looking for the BTC price to fall below $60,000 before considering a potential bottom.

Please note that this information is not intended as investment advice.