Draw a flat horizontal diamond shape for the top of the cap
Add a short line down from each side of the diamond
Connect the lower ends with a curved line to form the base
Draw a small circle or button in the center of the top
Add a tassel hanging from the button
Extend the tassel downward with a few curved strands
Add a small folded section at the end of the tassel
Clean up the lines and erase any overlaps
Darken the final outline
Shade or color the cap as desired