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Analyst Capo of Crypto, who was previously known for his extremely bearish statements, but whose views have softened with the recent rise of Bitcoin, evaluated BTC in his statement.
The analyst claimed that if the BTC price cannot exceed the $ 69,000 limit, there may be a drop below $ 60,000, the liquidity in that region can be taken, and then the rise may continue.
il Capo described the recent recovery in BTC price as a “dead cat bounce” and claimed that it was driven by futures rather than the spot market. According to the analyst, a clear breakout above $69,000 could result in the $74,000 to $75,000 level. However, the analyst said that he first predicted a decline below $60,000.
The analyst said that he did not sell his ZCX, SUSHI, AXS altcoin assets and that he would add more of these altcoins if the Bitcoin price falls below $ 60,000.
The analyst explained his reasons for believing that there will be a decline below $60,000 before moving in the bullish direction:
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“Whales are showing interest at this level. Strong demand is expected at these levels.
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We have not yet seen a proper liquidation candle wick in altcoins.
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Funding rates are rising again, indicating that longs are re-entering the market.
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We see low tops and support/resistance zones transforming in many altcoins. “There are also divisions in favor of the bear.”
*This is not investment advice.