Bearish Analyst il Capo Surprisingly Includes 3 Altcoins in His Portfolio – Shares Cardano’s Price Target
In a surprising move, il Capo of Crypto, a well-known bearish analyst, has announced the addition of three new altcoins to his portfolio. Despite his typically skeptical stance, il Capo has purchased Unizen (ZCX), Axie Infinity (AXS), and Sushiswap (SUSHI) altcoins, considering them to have low market value. He outlined the reasons behind these purchases, which include the bullish appearance of the altcoin charts against the dollar, positive BTC parities for altcoins, and a bullish trend in the OTHERS.D chart, which measures total cryptocurrency market value excluding the top 10 cryptocurrencies.
Furthermore, il Capo commented on the price of Bitcoin, highlighting hidden bullish divergences and the reset of funding rates following the recent decline. He suggested that if Bitcoin surpasses the crucial threshold between $68,000 and $69,000, it could experience a significant breakout towards the liquidity region between $74,000 and $75,000. However, the analyst cautioned that divergences favoring bears might arise on the high time frame chart after this region, potentially indicating the end of a cycle.
Regarding his recent altcoin investment, il Capo revealed that he currently holds 20% of his assets in the cryptocurrency market, while the remaining 80% remains in dollars. He pointed out that during periods close to significant local tops in the cryptocurrency market, money often flows into lower market cap altcoins, signaling the nearing end of a cycle.
Lastly, il Capo discussed Cardano (ADA) and its price outlook. He stated that the altcoin is poised to make a final push towards the price region between $0.80 and $1. However, the analyst believes that Cardano’s ultimate target is around $0.11.
Disclaimer: This text does not constitute investment advice.