- Acclaimed analyst ‘il Capo of crypto’ predicts Bitcoin price will fall to $12,000 in the current cycle.
- il Capo says that despite the current rally, Bitcoin’s bearish trend remains valid.
- The analyst advised followers not to buy Bitcoin at the current price level.
Acclaimed crypto analyst, ‘il Capo of Crypto’ insists that Bitcoin price will fall in the short term. With a pictorial illustration, the crypto analyst predicted that Bitcoin price will fail to overcome the current resistance around the $18,400 region. il Capo’s prediction targets the $11,500 to $12,000 price region as the actual bottom for Bitcoin in this bear cycle.
il Capo is famous for his ruthless presentation and high accuracy in crypto analysis. His latest announcement via his usual Twitter account contained just a few words and a screenshot of his chart analysis. In the four-word tweet, he said: “Good morning. No changes”.
By “No changes”, il Capo referred to his ongoing analysis of Bitcoin since the recent rally began. For several days, he has advised his followers against buying Bitcoin at its current level, believing that the bear trend is not over yet. He described the rally as a retest of broken supports and resistances, concluding that the bearish trend remains intact.
il Capo described an impending fall in Bitcoin price as a ‘Capitulation’. This is perhaps a strong word for traders who are already bullish and expecting the price to go higher. He notes that what may be pushing prices higher at the moment is FOMO (Fear Of Missing Out).
As for the capitulation, il Capo acknowledged that it is taking longer than he expected, and prices are rising higher than initially projected. However, he is adamant that the bearish scenario remains intact. He told followers that buying Bitcoin at the current level is a wrong decision that should not be considered.
Bitcoin has been in a bearish trend since it reached an all-time. With a current price of $18,158, Bitcoin is down by over 73% from its ATH, from which many users expect a recovery.
il Capo’s predicted bottom is the next region of major support, should the current levels be subdued. Generally, crypto users are holding on as the entire market has a way of following Bitcoin.