After the major breakthrough of Bitcoin (BTC), an analyst who is known to bet against Bitcoin says that he remains bearish.
Capo, an analyst who goes by the pseudonym Capo, tells 128,461 Telegram users that Bitcoin is showing “remarkable” strength at a moment when traditional markets show signs of weakness. They also indicate a potential top formation.
The trader is in the black, but he believes that he will make it.
I believe that the euphoria surrounding BTC will soon reverse.
All my short positions currently are at a loss. To the surprise of some, I have not yet liquidated my short positions .”
Capo bets that Bitcoin could fall as low as $65,000. This was the last level recorded in 2024, when it reached this amount.
Analyst says that his negative thesis is supported by the potential of a new “black swan” event on the horizon.
Staying calm in the face of adversity. It’s not always a straight forward story .”
Bitcoin’s price is $118.926 as of this writing. This represents an increase of approximately 10% in the last seven days, but a decrease of a few points from its all-time peak of under $123,000 earlier this week.
A trader also analyzes the native token (BNB) of BNB chain. Capo claims that BNB faces strong resistance, and the price could drop by 49% over its current level to one last seen in March 2024.
Support for mid-range at 350-400 dollars.”
BNB currently trades at $693.
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The post Analyst Says BTC reversal is ‘just a matter of time’ amid euphoria — Here’s his outlook may be updated as new information becomes available.
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