Il Capo of Crypto, one of the well-known figures of the cryptocurrency market, evaluated the rise of the market in the last day in his statement.

il Capo said that the bounce is currently akin to a “dead cat bounce.” According to the analyst, if there is no clear confirmation in favor of the bulls, there could be a final shakeout before the altcoin season begins.

However, the analyst said that he still continues to hold the altcoin basket in addition to his hedge positions and that this is his plan.

Il Capo, who also published a chart about Ethereum, argued that the ETH price may be following a Wyckoff Accumulation model. According to the analyst, the BTC price may see a bounce from here after a drop to the $ 2,000 level, causing its price to jump to the $ 3,500 level.

In his statement before the latest jump, il Capo argued that the current situation in Bitcoin was similar to the consolidation before the Covid crash and called for caution.

At the time of writing, BTC is trading at $62,198.

*This is not investment advice.