A top-tier crypto trader who has remained bearish on bitcoin throughout its 2023 rally breaks a two-week silence.
The pseudonymous trader, who goes by the name Capo, exited the markets when Bitcoin dropped to $40,000 in April last year.
Since then, he has stuck to his general thesis that the bear market is likely to end when BTC hits a new low of $12,000.
Capo tells his 721,000 Twitter followers that Bitcoin’s big breakout is simply a sizeable bear market rally. However, he admits he is surprised by the size of the move.
“Of course I didn’t see this upswing coming. I don’t dispute that. The Al narrative has caused some altcoins to experience stronger than expected rallies. There were some good wins up for grabs. Congratulations to those who were able to read this and took advantage of the situation.
Now coming to the current market situation, in my opinion this is still the biggest bull trap of all time. All this movement was 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. The bearish analysis is not yet invalid. 12,000 remains the main goal.”
Capo says he’s living his life and spending a lot of time off Twitter to avoid the trolls.
“Unlike those who try to tarnish my image and make fun of me just because they’re jealous and trying to get more engagement, here I’ve always maintained respect and never aspired to fame.
Because respect is everything. It’s important to remember that I wasn’t flipped bearish on the local bottom…
You have to ask yourself: when the market is jumping and you’re making people (supposedly) make profits, why aren’t they happy and enjoying the moment instead of criticizing others day in and day out?
They carry a lot of resentment that they have to pay with someone, and who do they pay with? With those who are still bearish and are calling lower prices out of conviction for fear of losing more. But make no mistake, they did this for the entire bear market. Local soil after local soil. And it’s all laughter and banter until the market puts you in your place.”
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Featured image: Shutterstock/Vadim Sadovski/Fotomay
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