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While there was an increase in Bitcoin and altcoins due to the potential ETF approval and positive news from Grayscale, new statements came from the analyst using the pseudonym Capo, who made a name for himself with his accurate predictions about the BTC and cryptocurrency market in 2022.
Capo of Crypto, known for his bearish views and frequently criticized by investors for his bearish comments, announced that he had given up.
Sharing on Telegram, Capo said that he closed his short positions in some altcoins.
Capo, who started his speech by congratulating the investors who won in the rise in Bitcoin and altcoins, stated that he closed the positions of Aave (AAVE), Solana (SOL), Cronos (CRO) and Tron (TRX).
“My analysis for some altcoins turned out to be wrong. This is where I apologize to anyone who follows my analysis (even though it is not financial advice) for any inconvenience I may have caused.
I closed some of my short positions that were at a loss. These are AAVE, SOL, CRO and TRX.
I will keep my in-the-money BNB, MATIC and WAVES positions open until I get more information.
I always try my best to offer the best analysis possible. But sometimes we get it right, sometimes we don't.
At this point, I did not expect Bitcoin to break the $31,000 resistance level so easily.
We will now wait for the price to drop below $30,000 to confirm whether this resistance has indeed been broken. If it falls below $30,000, we will know that the recent rally was due to ETF enthusiasm.
For now, we are making losses on some short positions and keeping the profitable ones. “The bearish scenario is not completely invalid, but it seems unlikely to happen until the price falls below $30,000.”
“Two Scenarios Are Valid for Bitcoin!”
Stating that it is necessary to think simply about Bitcoin, il Capo said that BTC was rejected at $ 35,000 after breaking the resistance level of $ 31,000.
Stating that there are two options for BTC at this point, Capo said, “As the first option, Bitcoin retests the broken resistance level of $ 31,000 as support and continues to rise from there; as the second option, it turns out that this rise is fake and BTC returns below $ 31,000.” said.
Finally, stating that he is waiting at this stage, il Capo said that he is not taking a new position and is just monitoring the market.
*This is not investment advice.