Crypto Update: Analyst il Capo Reflects on Recent Market Volatility
In the wake of a substantial correction last Friday, both Bitcoin and altcoins have initiated a recovery phase. Bitcoin is now trading above $58,000, with altcoins also showing signs of upward movement.
Renowned bearish analyst il Capo, known for his controversial predictions, recently shared his insights on the current state of the altcoin market. Despite facing criticism for previous bearish calls that didn’t materialize as expected, il Capo remains steadfast in his outlook.
Examining the altcoin TOTAL chart, il Capo pointed out that altcoins failed to sustain the green support zone and have now descended to the subsequent blue support zone. However, he views this downturn as a corrective phase rather than a long-term trend reversal.
“I interpret this recent bearish movement as a correction. Similar declines occurred in the summer of 2021, yet the market eventually rebounded and reached new highs,” il Capo remarked optimistically.
Anticipating a strong recovery, il Capo predicted, “I expect altcoins to rebound significantly from this blue zone, aiming to reclaim the previously breached green support zone. Crossing back into the green would confirm the resurgence for me.”
Regarding specific altcoins, il Capo highlighted Ethereum (ETH) and Solana (SOL) as potential leaders in the recovery.
*Disclaimer: This analysis does not constitute investment advice.*
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