Cryptocurrency analyst il Capo of Crypto has updated his views following the decline in Bitcoin and the overall market.
Il Capo Claims Bitcoin Price Could Drop 10 to 20 Percent
The analyst, who has been talked about for his recent bullish statements, admitted that “the market looks sluggish” after the declines and argued that a “final pullback” of 10% to 20% could occur. However, he also claimed that this could create the possibility of a dip purchase.
According to the analyst, if this scenario plays out, the Bitcoin price could drop to between $48,000 and $50,000, while the Ethereum price could drop to around $2,000.
il Capo added that this development was something he did not expect.
The Bitcoin price has recently experienced a decline due to increasing geopolitical developments. Tensions between Iran and Israel flared up after Iran launched a missile attack on Israel, and markets, especially BTC, reacted negatively to the situation. However, BlackRock said in a report published in September that BTC recovers on average 60 days after geopolitical tensions.
*This is not investment advice.