Crypto’s Il Capo, one of the well-known figures in the cryptocurrency market, evaluated the market’s revival in the last day in his statement.
il Capo said that the current bounce is similar to “the bounce of a dead cat.” According to analysts, if there is no clear confirmation in favor of a bull run, there could be a final shake-up before the altcoin season begins.
However, the analyst said that he still continues to hold a basket of altcoins in addition to hedging positions and this is his plan.
Il Capo, which also published charts on Ethereum, argued that the price of ETH may follow the Wyckoff Accumulation model. According to analysts, BTC price may see a bounce from here after dropping to the $2,000 level, causing its price to surge to the $3,500 level.
In his statement before the latest spike, il Capo argued that Bitcoin’s current situation is similar to the consolidation before the Covid crash and called for caution.
At the time of writing, BTC is trading at $62,198.
*This is not investment advice.
