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Recent movements in the cryptocurrency market have seen Bitcoin's price climb to $35,000, a level not witnessed since May of the previous year. Renowned crypto trader, il Capo Of Crypto, has adjusted his trading strategy in light of these developments. He recently conveyed to his substantial following of over 614,000 subscribers on Telegram that Bitcoin's upward thrust took him by surprise, especially given how it overcame the previously assumed $31,000 resistance.
Capo has been a familiar name in the digital currency trading space since 2017, having dabbled in stock trading for even longer. He's garnered attention for successfully predicting significant market downturns in the past. His predictions even went so far as to suggest that Bitcoin might plummet to as low as $12,000, a bold stance he maintained even as Bitcoin showed a 50% annual growth. Reflecting on his stance, Capo shared with CoinDesk his reasons for his bearish perspective, explaining that his analysis of the charts frequently supported a bearish outlook, which he communicated transparently to his audience.
However, his persistent skepticism regarding the market's bullish potential hasn't always been well-received. Several crypto enthusiasts on social media platform X have been critical of his views. Some have even viewed his recent strategy adjustment – where he covered losses on certain bearish bets while maintaining profitable ones – as a potential reverse indicator for the market.
Other users cheekily commented about his decision, suggesting that his change in strategy could be a sign that the Bitcoin price surge might be nearing its peak.
While Capo acknowledges the recent upswing in Bitcoin's value, he still remains cautious. He believes that the possibility of Bitcoin declining to $12,000 isn't completely off the table, especially with the price levels above $31,000.
For now, he maintains a neutral stance, focusing on minimizing risks rather than aggressively pursuing profits. He also shared concerns about larger macroeconomic factors and potential challenges for key industry players like Binance.
Recent market sentiments have shifted slightly, with the discussion around BlackRock's potential listing of a Bitcoin ETF gaining traction. Such developments have led to a noticeable excitement among traders, suggesting a prevailing fear of missing out on possible lucrative opportunities.
