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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.