Massive Bitcoin Bear Breaks Silence and Releases Market Update After BTC Bull Stampede
A high-profile trader who kept Bitcoin (BTC) bearish during its 2023 rally breaks his silence after the crypto king’s furious rise above $30,000.
Pseudonymous analyst Capo says that Bitcoin’s recent breakout to $30,000 does not necessarily indicate that BTC has exited its long-term bear trend.
Capo reiterates his month-long bearish outlook, saying there are more reasons to be negative than positive about what’s next for BTC.
“Congratulations to the cops who were respectful and asked for $30,000. My bearish scenario is NOT lapsed yet.
After hours of in-depth analysis and research, I still see many reasons to be bearish, much more than bullish. I’ve already explained some of this here and would, with the very best of intentions, fully explain the argument, as I always do. But I lost the motivation to do it.”
Despite being bearish on BTC, Capo says he is focused on betting against other large-cap altcoins, including smart contract protocol Solana (SOL).
“I have repeated many times that I am short on BNB and TRX (now also SOL and AAVE) and I keep adding the shorting. Find a tweet where I said I shorted BTC. You won’t find it.”
The crypto trader says the trade is still a game of probabilities, adding that although bitcoin bulls have been on a rush all year, a BTC plunge to $12,000 is still likely.
“Everything is based on probabilities. The more accurate your analysis, the more accurate that probability will be. $30k had maybe 10-20% when we were at $19k-20k. $12,000 was more likely (and still is).
As you can see, this probability will never be 100%. Therefore, don’t bet everything because nothing is certain and this is where variance comes into play. However, if you are on the side of highest probability, as long as you know how to handle downturns and stick to your plan to control emotions, you will win in the long run.”
At the time of writing, Bitcoin is trading at $29,965.
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