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Prominent cryptocurrency trader known as Il Capo Of Crypto (@CryptoCapo_) shocked the Bitcoin community earlier today by predicting that the price of the largest cryptocurrency could plummet to $12,000, a stark contrast to the recent bullish narrative surrounding the digital asset.
The prediction comes at a time when Bitcoin has managed to reclaim the much-coveted $30,000 mark, following positive news from BlackRock.
Il Capo Of Crypto, boasting a following of 765,600 subscribers on Twitter, has now decided to take a step back from the social media platform, citing a loss of empathy and respect in a increasingly dehumanized digital world.
In his farewell message, Il Capo Of Crypto highlighted that his market analysis and positioning had been frequently misunderstood. He clarified that did not shorted Bitcoin during its recent rally but instead built short positions in altcoins such as BNB, Tron (TRX), Solana (SOL), Aave (AAVE) and Polygon (MATIC). His rationale is grounded in the belief that altcoins can move more and their charts are clearer.
He also noted that his bearish Bitcoin charts should not be equated with him having a short position in the cryptocurrency.
Acknowledging that some of his recent predictions have been less accurate, Il Capo Of Crypto apologized for any confusion caused. He reiterated that the cryptocurrency market's extreme volatility can make accurate predictions challenging.
Despite his belief that recent market movements were manipulated with stablecoins like BUSD, USDC and TUSD, he maintained that he always aimed to assist the community as much as possible. He further warned that negative news against Binance and Justin Sun could be a precursor to more substantial issues in the crypto sector.
Despite leaving Twitter, Il Capo Of Crypto remains firm on his bearish outlook, stating that a capitulation event is still likely, with Bitcoin potentially falling to $12,000 and Ethereum to between $500 and $700. Should his analysis prove inaccurate, he vowed to adapt to the new market circumstances. He emphasized the importance of protecting one's capital, explaining that it is much harder to make money once you have lost it. In his final words, he promised to return to the platform "stronger than ever."