Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesStocksEarnInstitutionAI & More
As Bitcoin Hits $100,000, Analyst il Capo Still Not Convinced: 5 Reasons Why

As Bitcoin Hits $100,000, Analyst il Capo Still Not Convinced: 5 Reasons Why

BitcoinsistemiBitcoinsistemi2024/11/21 22:22
By:Mete Demiralp

As Bitcoin races from record to record, analyst il Capo urged his followers to be careful in a message he published.

Renowned cryptocurrency analyst il Capo has expressed caution despite Bitcoin’s remarkable strength and recent price surge, and shared his latest market views.

Known for his dissenting views, il Capo has previously expressed skepticism about Bitcoin’s ability to sustain its rally beyond $100,000.

In a recent statement, he congratulated those who profited from the market’s upward momentum but reiterated his decision to stay out of the market for weeks: “At this point, it doesn’t matter if Bitcoin breaks $98,000, $99,000 or even $100,000. A local top could form at any moment and this move could completely retrace.”

il Capo outlined several factors that contributed to his caution:

Extreme Individual FOMO and Memecoin Speculation

  • Retail investors are entering the market in a herd mentality, and many are turning to memecoins.
  • The Memecoin rally appears to have overextended, which is considered an unhealthy sign.

Geopolitical Concerns

  • The analyst expressed concern over escalating geopolitical tensions, particularly with the US leadership and the conflict in Ukraine.
  • il Capo criticized current political strategies and warned of potential global instability.
Related News BREAKING: There is Update on FTX and Creditor Payments which are Critical for the Market

US Government Bitcoin Assets

  • The US government holds 208,109 BTC worth approximately $20.15 billion.
  • Recent approvals for the sale of Bitcoin seized from Silk Road could potentially lead to politically motivated market volatility.

The Divergence Between Bitcoin and the Dollar

  • Despite Bitcoin's rise, the dollar has strengthened, signaling a potential divergence.

Weakness in Altcoins

  • Many altcoins are testing major resistance levels, with only Bitcoin and memecoins showing notable gains.
  • The analyst predicts that altcoins could face corrections of 60-80% if his thesis holds.

il Capo noted that patience is important in volatile markets:

“I don't see it as a wasted opportunity or a missed train. Sometimes it's better to just let the trains pass you by and wait for the one that will take you safely to where you really want to go.”

*This is not investment advice.

3
1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

5% US Treasury pressure weighs on global assets, while Australian government bonds open up a window for allocation? Fixed income giant Pimco calls the rate hike expectations too aggressive

Pacific Investment Management Company (Pimco) holds a constructive view on Australian bonds, believing that market expectations for rate hikes are too high. Pimco stated that the rate hike cycle in Australia has been "fully priced in," and cracks are beginning to appear in the economy, making Australian bonds look attractive, especially in the 5- to 10-year segment of the yield curve.

智通财经•2026/09/28 07:01

Only a few stocks are rising! Goldman Sachs warns: US stock market breadth hits the worst level since the 2000 internet bubble, with rare divergence in bond volatility

Flood, a Goldman Sachs partner, believes that leading AI companies are propping up the market indexes, while median stocks have fallen 16% from their highs. More unusually, Garrett, the head of derivatives trading at Goldman Sachs, warns that the bond volatility MOVE index is at an extremely high percentile, yet the VIX remains subdued. Jonathan Krinsky, a strategist at BTIG, points out that while total hedge fund leverage is rising, net leverage is falling, indicating a contradiction of "increasing exposure without increasing direction," and warns: "Something has to give."

华尔街见闻•2026/09/28 06:56