While the cryptocurrency market has been quite volatile lately, investors are locked in on analysts’ comments and price predictions. Famous cryptocurrency analyst il Capo of Crypto made a splash in the market with his update for Bitcoin (BTC), Ethereum (ETH) and Avalanche (AVAX).
Bitcoin and ETH encountered resistance
ETH price managed to reach the region between $2,900 and $3,000, which il Capo had previously targeted. It was stated that ETH, which was traded at $ 2,970 at the time this article was written, was at a major resistance point, according to the analyst. il Capo predicts that ETH may experience a strong pullback from this level.
BTC also reached a significant peak along with ETH. For BTC, which is traded at $ 52,000, the analyst drew attention to the excessive expansion and high funding rates in altcoins. He argues that these factors could cause a 10-20% decline in the cryptocurrency market in the near future, with BTC falling to $45,000.
A decline is expected for AVAX
il Capo stated that he expects a decrease for AVAX from the price level of around $ 39 to $ 34 in the first stage. Predicting a sudden move to the $52 region later, the analyst thinks that AVAX will face major resistance between $50-55 and the subsequent decline may drop the AVAX price to around $23.
While il Capo’s predictions create uncertainty in the cryptocurrency market, it is important for investors to carefully evaluate these comments and price predictions and conduct their own research and analysis. It is critical for investors to be prepared for market fluctuations and to consider risk management principles.
What do analyst comments mean?
In addition to analysts’ comments, investors need to follow macroeconomic developments, fluctuations in global markets and news specific to the cryptocurrency market. In this way, investors can make more informed investment decisions and minimize their risks.
As the cryptocurrency market becomes more complex day by day, it is of great importance for investors to benefit from accurate information sources and follow the developments in the market closely. Although il Capo’s forecasts may provide insight to investors, investors should not use these comments alone to guide investment decisions and should conduct their own research.
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