The cryptocurrency market experienced a major drop today following the US-Israel attack on Iran, with Bitcoin falling to $63,245. After recovering, BTC is currently trading at around $66,600 at the time of writing, closing the day at almost the same level as the previous day.
Following these developments, cryptocurrency analyst il Capo of Crypto assessed the market and shared his thoughts on what might happen next. Saying he had re-evaluated his previous predictions after the recent events, il Capo argued that these declines were a “bear trap” and that the attack news had likely already been priced in.
He argued that a true capitulation and black swan event in the cryptocurrency market would occur if Iran were to close the Strait of Hormuz, and claimed that this would take a long time to happen.
According to the analyst, a short squeeze is currently the most likely scenario. The analyst added that there should be no panic in the market.
