The widely followed Bitcoin (BTC) analyst who predicted the king crypto’s current fall from all-time highs says today is not the day for a bearish outlook.
Pseudonymous trader Capo tells their 550,600 followers that they are bullish on Bitcoin in the near future.
“I’m still bullish short-term. This is not the time to be bearish in my opinion.”
Capo sees similarities between the largest crypto by market cap’s current price behavior and that of 2018, the last major BTC bear market.
“BTC in 2018 vs. BTC now.”
With Bitcoin currently dumping 4% in the last 24 hours, Capo now foresees an imminent short squeeze, which occurs when a sudden price spike causes BTC short sellers to buy more to avoid greater losses.
“Short squeeze is gonna be glorious.”
Updating his followers this morning, Capo is sticking to his guns, calling a possible shot to $21,000.
“I didn’t expect this move to go this low. In fact I expected the bounce to come earlier.
With this being said, SPX [Standard & Poor’s 500 Index] is pumping and DXY [US Dollar Index] dumping. BTC still at support. This could be a massive bear trap.
Bounce to $21,000 is still in play. Invalidation on chart.”
Finally, Capo draws his bull line in the sand.
“A reclaim of $19,000 would be very bullish.”
Bitcoin is trading for $19,018 at time of writing.
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Source: https://dailyhodl.com/2022/10/13/bitcoin-btc-trader-who-called-2022-market-crash-says-now-is-not-the-time-to-be-bearish/