Bitcoin rally pushes il Capo Of Crypto to close bearish bets on altcoins
The recent Bitcoin rally, which saw the cryptocurrency reach $35,000 for the first time since May 2022, has prompted renowned cryptocurrency trader il Capo Of Crypto to close his bearish bets on alternative cryptocurrencies. Known for his accurate predictions, Capo had accurately predicted last year’s market crash and has now shifted from a bearish to a neutral stance as Bitcoin surpassed the key resistance level of $31,000. However, his primary bearish scenario of Bitcoin dropping to $12,000 is not yet fully invalidated.
Capo’s decision to close losing short positions on AAVE, SOL, CRO, and TRX
In a message to his 614,675 subscribers on Telegram, Capo informed them about his decision to close his losing short positions on AAVE, SOL, CRO, and TRX. He decided to keep the profitable ones on BNB, MATIC, and WAVES open. He emphasized that this breakout is not favorable for the main bearish scenario and expressed surprise at the ease with which the $31,000 resistance level was breached.
Capo’s shift to a neutral stance and potential re-entry of shorts
Despite closing his bearish bets, Capo clarified that he is not turning bullish but rather shifting to a neutral stance. He mentioned that if the price falls below the support zone, he will consider adding shorts again. Capo also highlighted the negative macro factors, such as a potential recession and geopolitical tensions, as reasons for his cautious approach.
Criticism from the crypto community and views on Capo’s decision
Capo’s bearish outlook had attracted criticism from the crypto community on social media platform X. Some now view his decision to close his bearish bets as a contrary indicator. However, it is important to note that he is not turning bullish but rather maintaining a neutral stance, closely monitoring the market for further developments.
Bitcoin rally: a “fake breakout”?
Despite the recent focus on the spot Bitcoin ETF narrative and signs of FOMO (Fear of Missing Out) in the market, Capo remains skeptical due to the macro factors and potential issues faced by Binance. He believes that the current Bitcoin rally may be a “fake breakout” and that Bitcoin could either revisit the former support level at $31,000 before a significant rally or drop below it, reaffirming the bearish bias.
Monitoring the market for further developments
As the Bitcoin rally continues, il Capo Of Crypto will keep a close eye on the market and adjust his positions accordingly. While his primary bearish scenario is not yet fully invalidated, the recent rally has prompted him to close his losing bearish bets on alternative cryptocurrencies and adopt a neutral stance.
In conclusion, the recent Bitcoin rally has led il Capo Of Crypto to close his losing bearish bets on alternative cryptocurrencies. Although his primary bearish scenario is not yet fully invalidated, he has shifted to a neutral stance and will closely monitor the market for further developments. With the ever-changing landscape of the cryptocurrency market, it is crucial for traders and investors to stay informed and adapt their strategies accordingly.
