Il Capo Sees Bearish Bitcoin, Bullish Only After Big Selloff
Crypto analyst il Capo warns that the Bitcoin outlook remains bearish despite a possible short-term rebound. This bearish Bitcoin outlook contrasts with optimistic altcoin season predictions. He labels recent upticks as a ‘dead cat bounce’ and dismisses altcoin season claims. According to il Capo, genuine bullish momentum requires a deeper market capitulation than the October 10 decline. BTC price hovers near $103,300 (down 2.4% over 24 hours), with a market cap of $2.06 trillion, roughly 18% below its $126,198 all-time high. Traders should monitor sell-offs before expecting a sustained bull run.
Bearish
il Capo’s assessment signals a bearish market outlook for Bitcoin. His description of recent gains as a ‘dead cat bounce’ suggests any short-term rally lacks sustainable buying pressure. Historically, similar small rebounds preceded deeper sell-offs, as seen in early 2021. il Capo warns that only a more severe market capitulation than October 10’s drop can trigger a genuine bull run. Given Bitcoin’s current price weakness (down 18% from its ATH) and high volatility, traders may remain cautious, expecting further downside before a meaningful reversal. In the short term, this outlook could increase selling pressure and dampen bullish sentiment. Over the long term, identifying the capitulation bottom may offer a buying opportunity, but until then, market stability is likely to remain fragile.