Bitcoin’s Future Hinges on Two Scenarios, Says Cryptocurrency Analyst Il Capo of Crypto

Renowned cryptocurrency analyst Il Capo of Crypto has shared a new update on social media, discussing the current state of Bitcoin (BTC). He emphasized that there are two possible scenarios for the flagship digital currency.

According to the expert, it is crucial to recognize that the Bitcoin price has been unable to breach the $35,000 level after breaking through the key resistance at $31,000.

Il Capo of Crypto outlined these two potential scenarios for Bitcoin’s price movement: “In the first scenario, the Bitcoin price retests the breached resistance level at $31,000 and turns it into support, followed by a continued upward trajectory. The second scenario is more bearish, where today’s price increase was a fakeout, and BTC returns below $31,000.”

The analyst clarified that he doesn’t take sides and simply observes the market. He also shared that he closed his short positions in some altcoins, including Aave (AAVE), Solana (SOL), Cronos (CRO), and Tron (TRX). Il Capo of Crypto expressed his apologies to those who follow his analysis, saying, “I apologize for any inconvenience I may have caused. What I say is not financial advice.”

He revealed that he left positions in BNB, MATIC, and WAVES open until he receives further information.

The expert admitted that he did not anticipate Bitcoin easily surpassing the $31,000 resistance level. He suggested waiting to see if the price drops below $30,000 to confirm whether the resistance has indeed been breached.

As of 21:20 Moscow time on October 24, 2023, Bitcoin was trading at $33,666, marking an 8.25% increase over the past 24 hours. The price briefly reached $35,000 after news of the BlackRock iShares spot ETF IBTC listing on the DTCC website but later dropped by approximately $1,300 in 30 minutes after the information was removed.