Huge Bitcoin Bear Breaks Silence, Updates Outlook on BTC and Crypto Markets
A high-profile crypto trader who has been bearish on Bitcoin throughout the 2023 rally is breaking a two-week silence.
The pseudonymous trader, who goes by the name Capo, left the markets when Bitcoin sank to $40,000 last April.
Since then, he has stood by his general thesis that the bear market is likely to end with BTC hitting a new low of $12,000.
Capo says his 721,000 Twitter followers that Bitcoin’s big breakout is simply a significant bear market rally. However, he admits he is surprised by the size of the move.
“Obviously I didn’t see this bounce coming. I do not deny that. The Al narrative has caused some altcoins to see stronger rallies than expected. There was good profit to be made. Congratulations to those who have managed to read this and have taken advantage of the situation.
To talk about the current market situation, in my opinion this is still the biggest bull trap ever. All this move has been artificially pumped with BUSD and USDC. The evidence is there. This looks like a clear bear market rally, wave B/X, echo bubble or whatever you want to call it. Bearish analysis is not invalid yet. 12k is still the main goal.”
Capo says he lives his life and spends a lot of time away from Twitter to avoid the trolls.
“Unlike those who try to tarnish my image and make fun of me for the simple fact of being jealous and trying to get more engagement, here I have always maintained respect and never sought fame.
Because respect is everything. It is important to remember that I have not turned bearish on the local bottom…
You have to wonder: if the market is bouncing and you guys are making money (apparently), why aren’t they happy and enjoying the moment instead of criticizing others day after day?
They carry a lot of resentment inside that they have to pay with someone, and who do they do it with? With the one still bearish and demanding lower prices with conviction, because they are afraid of losing more. But make no mistake, they have done this for the entire bear market. Local bottom after local bottom. And it’s all laughs and jokes until the market puts you in your place.”
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Featured image: Shutterstock/Vadim Sadovski/Fotomay
