A popular crypto trader who said he expected a drop in Bitcoin during the 2023 rally has been inactive for a while. The trader broke his silence after two weeks and stated that he was behind the forecast.
The trader, known as Capo in the crypto community, said that Bitcoin exited the markets when it dropped to $40,000 in April last year. After that date, he stood by his general thesis that the bear market would likely end with the BTC price falling to $12,000.
According to his update, Capo says the recent rally in Bitcoin was just a big bear market rally. thinks. However, he also admits he was surprised at the scale of the move:
“Of course I didn’t see this leap coming. I do not deny this. The AI narrative has caused some altcoins to see stronger-than-expected rallies. Good profits were made. Congratulations to those who can read this and take advantage of the situation.
Continuing to talk about the current market situation, I think this is still the biggest bull trap ever. All this move artificially upwards with BUSD and USDC. The evidence is here. This is a clear bear market rally. (…) Bearish analysis not yet invalidated. 12,000 remains the main target.”
Capo also shares with his followers that he lives his life to avoid trolls and spends a lot of time away from Twitter:
“Unlike those who try to tarnish my image and make fun of me for the simple truth of jealousy and seek more attention, I have always maintained respect here and never sought fame. Because respect is everything. It’s important to remember that I’m not trending down on the local bottom… You might be wondering: If the market is doing well and you people are making (supposedly) profits, why not just be happy and enjoy the moment instead of criticizing others every day? (…) Make no mistake, they do this during the entire bear market.”
You can check the price movements here.