Bitcoin May Be Running Out of Steam, Analyst Breaks Down the Trends

Crypto analyst il Capo of Crypto is weighing in on the possibility of Bitcoin hitting a short-term ceiling, while other digital assets could be setting the stage for a breakout.

In a recent tweet, il Capo suggests that Bitcoin may have encountered a temporary resistance level, which he places at a range of $96,000 to $98,000. This signals that while a minor correction could be on the cards, a substantial decline is not anticipated.

On the other hand, the analyst is more optimistic about Ethereum's current price action, especially in relation to Bitcoin. He adds that tokens within the Solana ecosystem are also showing promising momentum. Furthermore, il Capo hints at a few other altcoins, which he prefers not to name, that are well-positioned for gains.

Earlier this week, il Capo highlighted $92,000 as a crucial support level for Bitcoin. He emphasizes that the overall bullish structure remains intact as long as BTC manages to stay above this threshold.

Il Capo's predictions come as Coinbase is set to delist five tokens on May 16. The move is part of the exchange's ongoing effort to streamline its offerings and focus on the cryptocurrencies that are most relevant to its users. The tokens set to be delisted are:

• Band Protocol (BAND)

• Centrality (CNT)

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The crypto analyst predicts that Bitcoin could hit a short-term ceiling, while other digital assets may be gearing up for a breakout.

Il Capo's recent outlook is interesting because it marks a shift in tone. During the depths of the 2022 bear market, il Capo was one of the more prominent voices warning of further downside, even predicting a collapse toward $12,000. However, that call never materialized, and the market has continued its upward trajectory.

Now, with Bitcoin consolidating near all-time highs, attention seems to be turning to altcoins, especially those showing strength in comparison to BTC.