Bitcoin (BTC) trader who called out 2022 market crash says now is not the time to be bearish
The widely-regarded Bitcoin (BTC) analyst, who predicted the king crypto’s current drop from all-time highs, says today is not the day for a bearish outlook.
Pseudonymous trader Capo tells his 550,600 followers that they are bullish on Bitcoin in the near future.
“I am still optimistic in the short term. This is not the time to be bearish in my opinion.”
Capo sees similarities between the current price behavior of the largest cryptocurrency by market cap and that of 2018, the last major BTC bear market.
“BTC in 2018 vs. BTC now.”
Source: CryptoCapo_/Twitter
With bitcoin currently down 4% over the past 24 hours, Capo now foresees an impending short squeeze, which occurs when a sudden price surge causes BTC short sellers to buy more to avoid bigger losses.
“Short squeeze is going to be gorgeous.”
Capo updated his followers this morning and is sticking to his guns, naming a possible shot at $21,000.
“I didn’t expect this step to go so deep. In fact, I expected the jump to come sooner.
On that note, SPX [Standard & Poor’s 500 Index] pumps and DXY [US Dollar Index] Call it quits. BTC still in support. This could be a giant bear trap.
Bounce to $21,000 is still in play. invalidation on card.”
Finally, Capo draws his bull line in the sand.
“A $19,000 recovery would be very bullish.”
Bitcoin is trading at $19,018 at the time of writing.
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