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.
READ MORE: Bitcoin Bottom is Already in According to Pantera Capital
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
