Known for his extremely bearish statements cryptocurrency Analyst il Capo of Crypto does not seem to give up this opinion.
Bitcoin il Capo seems to be sticking to its previous ideas as its price surpasses $61,000 and is heading towards an all-time high of $69,000.
In his statement, the analyst admitted that the BTC price rose more than he expected. However, he said that this situation will not be a “rise that will last forever.” Saying that he needed to see strong reasons to enter the market in the long term, il Capo argued that this reason could not be a price increase. Therefore, he said, he would have been caught up in FOMO if he had entered the market.
However, the analyst also denied claims that he lost money. He stated that he had not opened a short position in altcoins for months, as claimed by some circles, and even that he had never opened a short position in Bitcoin until now. In addition, he claimed that he did not think that he missed opportunities during the rise, and that such opportunities will always exist. He explained that he was being cautious and waiting in the current situation.
According to the analyst, the rise from $16,000 to $60,000 did not encounter major resistance and this occurred due to ETF approval, FOMO due to halving, stablecoin issuances and liquidity gaps in the bear market.
The analyst said he sees everyone looking extremely bullish, expecting a record price or even a price above $100,000. He argued that these ignored the possibility of a major correction, which was driven by greed and euphoria. Additionally, he said, everyone acts as if they bought the dip, but most people just entered the market after waiting through the entire bear market.
He added that his views are still in favor of the bear.
*This is not investment advice.
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