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Crypto Capo, a well-known figure in the cryptocurrency market with his bearish predictions, announced new levels for Bitcoin today on his Telegram page. The analyst also emphasized what his approach would be. He drew attention to the expectation of $40,000 and above for Bitcoin. In such a case, he stated that he would not be able to take a short position.
Crypto Capo’s Views on Market Dynamics
Crypto Capo presents an up-to-date view of the cryptocurrency market by highlighting the key indicators and potential scenarios that investors need to closely monitor.
According to Crypto Capo, the current situation has brought about a widespread expectation that the price of BTC will reach $40,000 and above. This expectation reveals a deviation above previous high levels. However, according to Capo, the greed and overconfidence in the market reminds him of March and April of 2022.
Capo believes that the conditions observed when the prices were at the $45,000-$48,000 level at that time are now being experienced again. Therefore, he advises caution. Despite the similarities, Crypto Capo points out an important difference: while the current price is significantly lower, the funds have reached their all-time highs.
Market Sensitivity and Manipulation: A Delicate Balance
Crypto Capo claims that the validity of the bear market rally/manipulation thesis will ultimately be determined by the market. The analyst, who presents a clear perspective, suggests that if this thesis holds, a complete withdrawal could quickly emerge within a few days or weeks. Referring to this uncertainty, Crypto Capo prefers to wait for now.
Capo defines the $30,000-$31,000 level as a potential support zone supported by its historical significance. Highlighting the turning point of support and resistance, Crypto Capo expects a short-term rebound if this level is reached.
However, he states that if a break below $35,000 occurs, this would confirm the downward trends and likely lead to Bitcoin falling below $30,000.
According to Capo, if this happens, the $25,000 support will be questioned due to multiple tests and a trend break. It will be seen as a potential route for a $12,000 target in Bitcoin.
Crypto Capo Does Not Enter New Positions
Considering the current uncertainties, Crypto Capo refrains from opening new positions until further confirmation emerges. The analyst’s cautious approach reflects the importance of navigating the market carefully amid evolving conditions and potential changes in sensitivity.
