Following BTC Bull Stampede, Huge Bitcoin Bear Speaks Out
Once Bitcoin (BTC) soared above $30,000 in 2023, a prominent trader who was negative on the crypto king broke his silence.
Capo, a analyst, says that Bitcoin’s recent rise to $30,000 does not necessarily mean that BTC has left its long-term downward trend.
Capo is sticking with his bearish view, which he has had for months, and says there are more reasons to be negative than positive about what will happen to BTC next.
“Congratulations to the bulls that were respectful and were calling for $30,000. My bearish scenario is NOT invalidated yet.
After hours and hours of deep analysis and research, I still see many reasons to be bearish, much more than to be bullish. I’ve already explained here some, and would fully explain the reasoning with all the best intention, as I always do. But I’ve lost the motivation to do so.”
Even though he is bearish on BTC, Capo says he is focused on betting against other large-cap altcoins, such as the smart contract protocol Solana (SOL).
“I’ve repeated many times that I’m short on BNB and TRX (now also SOL and AAVE), and I keep adding to the shorts. Find a tweet where I said that I shorted BTC. You won’t find it.”
The crypto trader says that trading is still a game of odds and that a BTC meltdown to $12,000 is still likely, even though Bitcoin bulls have been on a stampede all year.
“Everything is based on probabilities. The more accurate your analysis, the more precise that probability will be. $30,000 maybe had a 10-20% when we were at $19,000-$20,000 levels. $12,000 was more likely (and still is).
As you see, this probability will never be 100%. That’s why you don’t bet everything, because nothing is sure and this is where variance comes into play. However, in the long run, if you’re on the side of the highest probability, you will win as long as you know how to handle the downswings and stick to your plan controlling the emotions.”
