Market Overview
Analyst il Capo, a prominent figure in the cryptocurrency community, has shared new insights following a recent downturn in Bitcoin's price. Bitcoin experienced a further 3.69% decrease in the last 24 hours, continuing its downward trend. At the time of this report, BTC is trading at $102,641. Ethereum (ETH) has also seen a decline, down 3.55% and trading at $3,475.
Il Capo's Analysis on Bitcoin
In his latest update, il Capo suggested that while short-term price volatility is anticipated, a significant support level is acting as a strong gravitational pull on the BTC price. He identified this critical support zone to be within the range of $67,500 to $53,500.
The analyst anticipates a potentially aggressive drop in Bitcoin's price towards these levels. If this scenario unfolds, altcoins could face substantial losses, with projections of a 60% to 80% decline.
Outlook for Solana (SOL)
Regarding Solana (SOL), il Capo indicated a possibility of a short-term price increase. He believes the broader market might follow this trend temporarily. However, after testing the crucial $170-$200 price area, the analyst foresees a continuation of bearish sentiment.