Recently, popular analyst known as il Capo of Crypto shared a pessimistic outlook on Bitcoin's future price. Despite a temporary recovery, he warns of potential further decline.
Bitcoin Price Forecast
Bitcoin's price, which briefly fell to $100,000 last week, has since bounced back to around $107,415. However, il Capo emphasizes that this may just be a temporary pause before another major drop. He believes Bitcoin could fall below the six-figure mark again, testing a support zone between $92,000 and $93,000. If that level fails, he anticipates an even deeper drop to the $60,000–$70,000 range, which he sees as a possible bottoming phase.
Risks for Altcoin Investors
Il Capo also issued a stark warning for altcoin investors. If Bitcoin begins its descent, he expects altcoins could suffer even sharper declines, potentially losing between 50% and 80% of their current value. According to him, the broader crypto market remains overexposed and vulnerable to another correction wave.
Long-term Market Outlook
Since late May, il Capo has maintained a strong short position, particularly targeting altcoins. Despite signs of strength in recent price action, he remains firmly in bearish territory, suggesting that the true shakeout may still be ahead.
In conclusion, il Capo warns of the need for caution in the cryptocurrency market, particularly for investors dealing with altcoins. Today's Bitcoin surge may be misleading, and risks for investments remain high.