The trader, known as Crypto Capo, who has a bearish trend in Bitcoin (BTC) despite its rally in 2023, talked about the cryptocurrency’s recent rise above $30,000. According to Capo, the fact that Bitcoin reaches $30,000 does not indicate that BTC has exited the long-term bear trend and remains bearish for months. The trader also reveals that there are altcoins he trades in this process. Here are the details…
Bitcoin analyst is bearish for BTC
Capo says he still sees much more reason to be bearish in BTC, and a meltdown to $12,000 is still likely. He explains that trading is a “game of probabilities” and the more accurate your analysis, the more certain that probability will be. Capo also emphasizes that everything is uncertain and nothing is certain, and this is where diversity comes into play. However, in the long run, the trader; He believes that those who know how to deal with falls and stick to their plans while controlling their emotions will win.
Despite the bearish outlook for BTC, Capo is willing to bet against other major altcoins, including smart contract protocol Solana (SOL), as it has previously shorted Binance Coin (BNB), TRON (TRX), and Aave (AAVE). He says he’s focused.
Capo had made some predictions before
cryptocoin.com As we reported, Capo is a cryptocurrency analyst with a history of accurately predicting the movements of many cryptocurrencies, especially market bottoms. For example, two years ago, he correctly predicted the fall seen in 2021, when BTC fell to $50,000. He also correctly predicted that BTC would drop to $3,500 in 2020. Capo’s most recent prediction was that BTC would return to $16,000 in October, at which point the cryptocurrency had dropped as low as $17,000.
Capo’s forecasts and analysis are closely followed by cryptocurrency traders and investors, given his track record of accurately predicting market movements. While some may disagree with the bearish outlook for BTC, Capo’s analysis highlights the importance of thorough research and analysis when making investment decisions in the volatile cryptocurrency market. Bitcoin is changing hands at $30,016, down 0.4 percent at the time of writing. As it is known, yesterday, it managed to rise above $ 30,000 for the first time in months.
As you can see, despite the latest rally, some traders and analysts remain cautious about BTC’s long-term prospects. They believe that the valuation of the cryptocurrency is unsustainable and a correction may be imminent. But others continue to rise, citing the growing adoption and use cases of cryptocurrencies as proof of its long-term potential.
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