Popular Crypto Trader Maintains Bearish Stance on Bitcoin Amid Market Rally
While some traders and analysts are quite bullish on the current market phase, others believe that we have yet to see the bottom as Bitcoin is poised for more price drops.
A well-known crypto trader, Capo, who has been bearish on Bitcoin during its 2023 rally, has recently broken a two-week silence.
Capo left the market when Bitcoin hit $40,000 in April of last year and has since maintained his belief that the bear market will end with BTC hitting a new low of $12,000.
In a message to his Twitter followers, Capo explains that he views Bitcoin’s recent surge as a bear market rally. He admits to being surprised by the magnitude of the move but believes that it has been artificially inflated with BUSD and USDC.
He says that the current market situation is still a bull trap and that his bearish analysis has not been invalidated yet.
Capo has been spending time away from Twitter to avoid trolls and notes that he has never sought fame or disrespected anyone.
He believes some people criticize him out of jealousy and resentment because he is still bearish and calls for lower prices. Despite the recent market bounce, Capo remains convinced that the market is in a clear bear market rally, with a target of $12k.