Cryptocurrency analyst il Capo of Crypto evaluated the recent rise in the market in his statement.
The price of Bitcoin rose nearly 4% in the last 24 hours, reaching over $91,000. The price had previously fallen to as low as $81,000.
Analyst's Expectations for Bitcoin and Altcoins
Il Capo stated that Bitcoin's price reaching $90,000 is expected in his scenario. He then added that he expects altcoins to outperform BTC over the next few days.
The analyst said he expects this rally, which he believes is from the local bottom, to push BTC even higher, potentially leading to a jump above $100,000. He added that he expects the price of Ethereum (ETH) to rise between $3,500 and $4,000.
However, he disagreed with the view that the BTC price will break a new all-time high. He noted that some analysts are talking about levels above $150,000.
According to Il Capo, the bullish cycle trend has been broken and the BTC price has already reached its cycle peak. The analyst claimed that the current rally will conclude with a new high at a lower level than the record.
*This is not investment advice.