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The drop in Bitcoin’s price today, following a strong surge above $80,000, surprised the cryptocurrency market. Having fallen by 1.37% in just the last 24 hours, Bitcoin is currently trading at $80,210, showing a slight recovery at the time of writing.
However, il Capo of Crypto, a popular analyst in the cryptocurrency market, shared his new views on the current outlook.
Although il Capo generally holds a bullish view for Bitcoin, he stated yesterday that he expects the $BTC price to experience a short-term pullback below $80,000.
Today, with the Bitcoin price actually falling below $80,000, il Capo released a new message. The analyst stated that the target of falling below $80,000 was successfully achieved. According to the analyst, the $BTC price may experience a further pullback.
On the other hand, the analyst added that a high bottom is beginning to form on the $BTC chart and that many altcoins could outperform Bitcoin during this period. According to the analyst, some altcoins have already entered this phase.
il Capo recently stated that the Monero (XMR) altcoin should break $500 and added that it has shown a strong trend so far.
*This is not investment advice.
cryptopolitan.com
news.bitcoin.com
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