In his latest analysis, renowned crypto analyst il Capo of Crypto talks about potential risks for the Bitcoin and altcoin market. He notes that additional evidence is needed to confirm a bearish trend.
Bear Market Warning
il Capo stressed that for a bearish trend in the Bitcoin market to be confirmed, BTC price needs to drop below $108,000. This may indicate a local top has formed in the market, which could lead to a first decline towards $60,000 to $70,000 as the main support.
Current Bitcoin Prices
At the time of writing, Bitcoin is trading around $114,800, which is down 2.54% in the past week. However, BTC reached an all-time high of $124,450 about ten days ago.
Potential Impact on Altcoins
According to the analyst, a drop in Bitcoin's price could trigger a capitulation event that may result in a 50% to 80% loss in altcoin value. il Capo has maintained a bearish outlook, although BTC has recently set multiple records.
In the current circumstances, analysts like il Capo warn of potential risks for investors in the cryptocurrency market. Leading altcoins could suffer if Bitcoin prices decline.
