Bitcoin and altcoins continue to suffer under the weight of US President Donald Trump’s new tariff announcement.
While BTC and altcoins have failed to rise in the face of economic uncertainty fueled by tariffs, analyst il Capo, who is remembered as a bear analyst, continues to be optimistic about the market.
In his statements via his X and Telegram accounts, he states that Bitcoin is preparing for a rise and that despite the current downward trend, the general picture is bullish.
Il Capo first said that Bitcoin is ready for an uptrend and is currently trying to find direction.
The analyst noted that indicators for BTC are bullish in the short term, so an upward move is still more likely.
However, he stated that Bitcoin needs to regain $85,000 for the rise.
“Once Bitcoin regains $85,000, the target will be $92,000-$98,000. That is the next strong resistance area.”
Il Capo noted that Trump’s tariff announcement was already priced in, “which means Bitcoin could surge unexpectedly as most investors are still expecting a bearish trend.”
Bear Trap!
As Bitcoin suffers steep declines due to tariffs, il Capo argues it’s a bear trap.
Stating that investors should not sell BTC at this point, il Capo concludes that selling Bitcoin at this point would be a big mistake.
Stating that the recovery will be strong, the analyst said that only one trigger is needed for the rise.
“The situation with Bitcoin really looks like a bear trap. I think selling here would be a big mistake. The jump has to be strong. It just needs a trigger.”
*This is not investment advice.