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Bearish Analyst il Capo’s Unusual Remarks, Says He’s Bullish on Altcoins Despite the Decline, Lists the Reasons Why

Bearish Analyst il Capo’s Unusual Remarks, Says He’s Bullish on Altcoins Despite the Decline, Lists the Reasons Why

At a time when Bitcoin and altcoins have experienced a significant decline in the last 24 hours, il Capo of Crypto, one of the industry’s long-standing analysts known for his bearish views, surprisingly expressed his bullish stance in the current situation.

In a statement addressed to his followers, il Capo highlighted several reasons why he is favoring the bull. Despite the prevalent negative sentiment in the market, the analyst noted that Bitcoin (BTC) and Ethereum (ETH) continue to demonstrate strength. Furthermore, he emphasized the forthcoming S-1 approvals in Ethereum Spot ETFs and their upcoming trading, as well as the strong altcoin/BTC parity. Il Capo pointed out that the altcoin/BTC pairing is at a support level and that no significant negative news has emerged thus far.

Under these circumstances, the analyst stated that he could not envision a bearish perspective.

Additionally, il Capo remarked in his daily posts that if BTC reclaims the $65,500 level, it would signify an extremely bullish event. As of the time of writing this article, the price of Bitcoin stands at $65,132, reflecting a 2.2% loss in the last 24 hours.

*This text is for informational purposes only and should not be considered as investment advice.