After the epic surge in Bitcoin and Ethereum, the prominent bear market analyst, Il Capo, has revealed what he expects next in terms of price.
Cryptocurrency analyst Il Capo of Crypto shared his initial comments with his followers following the rise.
Cryptocurrency Market
Following the recent major rally in the cryptocurrency market, one of the most renowned analysts, Il Capo of Crypto, discussed his expectations.
Almost all analysts and the market were expecting a rejection for Ethereum Spot ETFs, with the final decision date being May 23. This had put pressure on prices.
However, in a significant and surprising development today, Bloomberg analysts Eric Balchunas and James Seyffart stated that they had received some information and increased the likelihood of approval for Ethereum Spot ETFs from 25% to 75%. While their previous official estimate was at 25%, Bloomberg analysts had low expectations for approval.
Ethereum and Solana
Now, there’s a great sense of hope prevailing in the market, and it has started to rise.
Cryptocurrency analyst Il Capo mentioned in his message that Bitcoin has reached his target range of $69,000 to $70,000. Assessing Ethereum, the analyst noted that the $3,300 resistance, which he referred to as a bullish confirmation, has been broken.
Il Capo stated that a rise has begun led by Ethereum and Solana, and he shared his belief that most altcoins will follow suit.
Note: This is not investment advice.
