Well-known analyst il Capo of Crypto has reiterated his bearish stance on the market, suggesting that Bitcoin may be nearing a local top despite its recent string of record highs.
In his latest analysis, he warned that if BTC falls below $108,000, it would confirm a bearish signal and potentially trigger a correction down to the $60,000–$70,000 range, which he views as the next major support zone.
At press time, Bitcoin trades near $114,800, still holding above the level il Capo flagged as critical. The cryptocurrency hit a fresh all-time high of $124,450 just over a week ago but has since pulled back by more than 7%.
The analyst added that such a decline could spark a capitulation across the broader market, with altcoins potentially losing between 50% and 80% of their value. He has consistently maintained a cautious outlook even as Bitcoin repeatedly set new records in recent months.
For now, Bitcoin’s price action suggests resilience, but il Capo believes confirmation below $108,000 could mark the beginning of a much deeper downturn.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/expert-warns-bitcoin-could-crash-to-70k-altcoins-face-80-bloodbath/