Bitcoin (BTC) Price is Falling – Experienced Analyst il Capo Shares Hot Analysis on What Might Happen Next
Analyst il Capo of Crypto predicts a further aggressive drop in Bitcoin's price to the $67,500-$53,500 range following a recent 3.69% decline, with potential altcoin losses of 60%-80%. Ethereum also fell by 3.55%, while Solana might see a short-term rise before bearish sentiment dominates after testing the $170-$200 level.
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Bitcoin Faces Another Price Decline
Analyst il Capo of Crypto, a notable figure in the cryptocurrency world, shared his insights following Bitcoin's recent drop. Over the past 24 hours, Bitcoin's price fell by 3.69%, further extending its losing streak. As of now, BTC is trading at $102,641.
Ethereum Joins the Downtrend
Ethereum, the second-largest cryptocurrency by market capitalization, also experienced a decline. ETH is down 3.55%, currently trading at $3,475.
Analyst's Perspective on Bitcoin's Support Levels
In his latest update, il Capo emphasized that while short-term price fluctuations are expected, the main support point acts like a magnet, pulling BTC's price toward it. According to the analyst, the key support zone for Bitcoin lies between $67,500 and $53,500.
Potential Decline Impact on Bitcoin and Altcoins
Il Capo warned that Bitcoin's price may aggressively decline to the identified support levels. If this occurs, altcoins could suffer significant losses, with potential drops between 60% and 80%.
Solana's Outlook in the Cryptocurrency Market
Il Capo also discussed Solana (SOL), suggesting a potential short-term price jump. However, after testing the critical $170-$200 range, the analyst predicted that bearish sentiment could prevail throughout the broader market.
*Important Disclaimer*
This is not investment advice.