After two weeks of silence, a prominent cryptocurrency trader who has maintained a bearish stance on Bitcoin throughout its 2023 rally has spoken out. Known by the pseudonym "Capo," the trader withdrew from the markets when Bitcoin dropped to $40,000 in April 2022.
Since then, he has held on to his belief that the bear market will conclude with BTC hitting a new low of $12,000. Despite acknowledging that Bitcoin's recent price surge is a significant bear market rally, Capo admits to being taken aback by its scale, as he didn't foresee such a move.
Capo believes that the recent Bitcoin rally is a bear market rally, which is being artificially pumped with BUSD and USDC. According to him, this is still the biggest bull trap ever, and bearish analysis is not invalidated yet. Capo expects Bitcoin to hit a fresh low of $12,000.
While he admits that he didn't see this bounce coming, he congratulates those who were able to take advantage of the situation, especially with some altcoins seeing stronger rallies than expected due to the Al narrative.
