A high-profile crypto trader who has remained bearish on Bitcoin throughout its 2023 rally is breaking a two-week silence.
The pseudonymous trader, who goes by the name Capo, exited the markets when Bitcoin sank to $40,000 in April of last year.
Since then, he has stood by his overall thesis that the bear market will likely end with BTC hitting a fresh low of $12,000.
Capo says 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 bounce coming. I don’t deny that. The Al narrative has caused some altcoins to see stronger rallies than expected. There was some good profits to be made. Congratulations to those who have been able to read this and have taken advantage of the situation.
Moving on 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 proofs are 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 invalidated yet. 12k remains the main target.”
Capo says he’s living his life and spending 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 try to get more engagement, here I have always maintained respect and have never sought any fame.
Because respect is everything. It’s important to remember that I haven’t flipped bearish at the local bottom…
You must be wondering: if the market is bouncing and you people are making profits (supposedly), why are they not 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 with whom do they do it? With the one that is still bearish and calling for lower prices with conviction, because they are afraid of losing more. But make no mistake, they have been doing 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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Source: https://dailyhodl.com/2023/02/18/huge-bitcoin-bear-breaks-silence-updates-outlook-on-btc-and-crypto-markets/