Cryptocurrency analyst il Capo of Crypto published a warm assessment of Bitcoin and altcoins, which experienced significant declines during the day.
As is known, the Bitcoin price climbed to $106,000 during the day, then experienced a sudden drop and fell to $97,100 at the time of writing. The reason for the drop is Donald Trump’s customs duties on China, Mexico and Canada, and the delisting of USDT ($1.00) from various cryptocurrency exchanges.
il Capo said in its overnight update that a local temporal bottom would soon be reached but that this would not necessarily mean a final price bottom. He noted that his hedge positions remained open.
The analyst thinks the local bottom could be seen today or tomorrow.
il Capo said in his statement that another 5% to 20% drop could occur, thus reaching the main support points. The analyst said that in such a case, he would close his hedge positions and start buying.
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However, let us also remind you that il Capo did not correctly predict the rally period that caused the Bitcoin price to rise from around $ 15,000 to $ 100,000. il Capo claimed that the BTC ($97,321.46) price would experience further declines in the early stages of the rise.
*This is not investment advice.
Continue Reading: Analyst il Capo Releases Hot Night Update Amid Crypto Market Decline
