Just caught il Capo of Crypto's latest take on the market and it's worth paying attention to. While Bitcoin's been showing some weakness lately—trading around $66.64K with a modest 0.34% uptick over the last day—this legendary analyst isn't throwing in the towel on the bullish case.

What's interesting is how il Capo is reading the current setup. He's pointing out that we're likely forming a local bottom right now, with all the liquidity sitting above this level. That's the kind of setup that typically precedes a strong short squeeze, which could be exactly what the market needs to break out of this consolidation phase.

Beyond Bitcoin, il Capo of Crypto has been evaluating the altcoin space and he's highlighting three specific names worth watching: XMR currently at $330.31, XLM sitting at $0.17, and BCH trading around $444.52. According to him, these three have solid long-term chart patterns that could really pop if his bullish scenario plays out.

Here's the thing though—il Capo also notes that this bear market cycle is different from what we've seen before. He's observing that altcoins are approaching their cycle lows while Bitcoin simultaneously reaches its cycle highs. That divergence is something to keep in mind as we navigate what could be a longer consolidation than most expect.

The analyst acknowledges conditions aren't perfect right now, but he's making the case that if you understand the structure, there are still opportunities to position for the next move. Worth keeping these three altcoins on your radar if you're following il Capo of Crypto's analysis.