Here are the levels he expects.
Cryptocurrency analyst il Capo has released a weekend update that includes Bitcoin and Ethereum in his latest statement.
According to the analyst, Bitcoin price has been moving within a descending channel on the long-term chart since March 2024. El Capo reported that Bitcoin is currently trading between $63,000 and $65,000, which is a major resistance area for this channel.
The analyst said he believes the Bitcoin price rally, which came after a drop to $59,000 and took it above $63,000 at the time of writing, was a “dead-end bounce.” According to il Capo, he claimed that a strong supply could be added to the Bitcoin market, especially with the escalation of tensions in the Middle East.
According to the analyst, the closest resistance on the downside is between $48,000 and $50,000. In case of such a decline, the analyst stated that these levels correspond to $1,800 to $2,000 when evaluated on an Ethereum basis. However, interestingly, El Capo argued that these levels could be a buying opportunity for the entire market.
#This is not investment advice.
