Bitcoin Comment from Analyst Who Knows Crashes: Pay Attention to This Date!

Analyst il Capo of Crypto, who correctly predicted the Bitcoin crash in 2022, made his new statements. The analyst's interpretation of Bitcoin caught the attention of the crypto community. Here are the details...

Critical Bitcoin comment from analyst

In a recent analysis, renowned cryptocurrency analyst Il Capo, known for his accurate bearish predictions, shared his latest perspectives on the market. Despite the bullish trend observed in 2023, Il Capo believes that this is not the beginning of a new bull market, but rather a corrective move. The analyst offers several arguments that support his view that the market could witness new lows in the coming months.

According to Il Capo, there is a significant range between $40,000 and $45,000 for Bitcoin. Currently facing significant resistance at $45,000, the price needs to break through this level to surpass the previous high. Il Capo emphasizes that a drop below the $40,000 key support level could trigger a significant decline from $30,000 towards $31,000.

December 29 is important as the expiry date of options

Il Capo suggests that a key option scheduled for Dec. 29, with a face value of $7.7 billion, will expire. The order prayers are exactly in line with the current short-term support and resistance levels ($40,000 and $45,000). The maximum loss price coincides with the major support zone between $30,000 and $33,000. Il Capo also argues that the Bitcoin rally in 2023 is "unnatural." To this end, it offers the following four points:

• Prices are artificially inflated
• The 2022 bear market wave was reactive
• Similar patterns between altcoins and indices
• Key trends: ETFs and Bitcoin halving

Il Capo recognizes the potential benefits of ETFs in facilitating the entry of significant institutional and individual capital into the market in the medium and long term. But in the short term, he warns, ETFs could lead to a downturn, triggering or delaying a "news-selling event." While the Bitcoin halving is a bullish event, it may not be able to prevent strong pullbacks before they happen. Il Capo also suggests that a global recession may be on the horizon. Even if the Fed backs down, prolonged high interest rates historically signal the beginning of a significant correction in the stock market.

Funds move from BTC to altcoins

Il Capo concludes by highlighting the shift of funds from BTC to altcoins, a phenomenon often observed in the final stages of the bullish trend. The cryptocurrency market remains on the edge as uncertainties arise, and investors are advised to keep a close eye on key support and resistance levels in the coming weeks.

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