Cryptocurrency expert names conditions for rapid growth of bitcoin

The well-known cryptocurrency analyst Il Capo of Crypto has published fresh analysis on the X platform regarding the main digital asset. He said that two scenarios are currently valid for bitcoin BTC $62,924.40 Bitcoin 2.12% Market capitalization $1.24 trillion VOL. 24 hours $1.36 billion . The expert noted that it is necessary to understand that the bitcoin rate «could not overcome the level of $ 35,000 after breaking through the key resistance at $ 31,000.»

According to the expert, there are only two options for the BTC rate to move. Il Capo of Crypto stated: «As the 1st scenario, the bitcoin price will retest the broken resistance level of $ 31,000 and it will become support. Then the quotes will continue to grow. The second scenario is more negative. Today’s growth in quotes was fictitious and BTC will return below $ 31,000.»

The crypto expert noted that he «does not take sides and just follows the market.» The trader also said that he had closed short positions on some altcoins, including Aave (AAVE), Solana (SOL), Cronos (CRO), and Tron (TRX). «My analysis of some of the altcoins turned out to be incorrect. I apologize to everyone who follows my opinion. I apologize for any inconvenience I may have caused. What I am saying is not financial advice,» Il Capo of Crypto emphasized.

The market researcher added that he left his positions on BNB, MATIC, and WAVES open until he receives more information.

As of the morning of October 25, the leading cryptocurrency BTC $62,924.40 Bitcoin 2.12% Market capitalization $1.24 trillion VOL. 24 hours $1.36 billion was trading at $ 34,162 with a market capitalization of $ 666.9 billion. Traders made daily trading deals worth $ 33.5 billion. Bitcoin’s market share is 53.1%.