Analyst il Capo of Crypto, one of the well-known names in the cryptocurrency world, made new statements following the recent decline in Bitcoin.
Bitcoin’s price saw another 3.69% drop in the last 24 hours today, extending its losing streak. At the time of writing, BTC is trading at $102,641. Ethereum, on the other hand, is down 3.55%, with ETH trading at $3,475.
In his latest update published today, analyst il Capo argued that while short-term price fluctuations are likely, the main support point is effectively drawing the BTC price towards itself like a magnet. According to il Capo, this support point lies between $67,500 and $53,500.
According to the analyst, the Bitcoin price seems likely to drop aggressively to these levels, and if this happens, altcoins could also experience a 60% to 80% decline.
Il Capo also commented on Solana (SOL). The analyst believes there could be a potential price jump in the short term. The broader market could follow suit, but after testing the critical $170-$200 area, the analyst believes bearish sentiment could remain strong.
*This is not investment advice.