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Bitcoin price was above $34,300 at the time this article was prepared, and no one predicted that it would rise so quickly. Volumes are recovering, and more importantly, capital inflows to altcoins are accelerating. The recent rally, which surprised even those expecting a rise, shocked those who were confident in the decline. Capo is at the forefront of these. He shared his latest comments a few minutes ago.
Crypto Oracle Revealed
Crypto Capo accurately predicted many major price movements in 2022. His predictions of altcoins in the second half, especially the ups and downs, turned him into an oracle. He also achieved success in his predictions for altcoins after the first quarter of 2023. However, the recent rally forced him to give up. Capo said the following;
“First of all, I congratulate everyone who has been respectful and profitable during this move. I appreciate those who deserve it.
Secondly, I apologize for any inconvenience caused to those who followed some of my altcoin analyses (although it is not financial advice). I closed my short positions in AAVE, SOL, CRO, and TRX, which were in a loss. I am keeping the profitable ones (BNB, MATIC, and WAVES) open until more information is obtained.
Thirdly, I always try my best to provide the best analysis possible and I don’t expect anything in return. Sometimes we get it right, sometimes we don’t. After doing the analysis, the result is out of our control. The best thing we can do is learn and try better next time.
This sudden surge is not good for the main bearish scenario. I did not expect the 31,000 resistance level to be broken so easily. After controlling the market calmly, the price never broke the main confirmation at 25k. Now, we are in a situation where the price needs to fall below 30k to confirm a deviation above this resistance, which means that the last rise was triggered by ETF enthusiasm + USDT and TUSD pumping.
It can actually go higher, but it can also deviate downwards and retest the broken resistance as support.
The bearish scenario is not completely invalid, but it is less likely until the price falls below the 30,000 level. Thank you for your support and stay safe.”
Crypto Commentators
I have mentioned many times about how Capo and PlanB shared opposite things and received the same reactions. While PlanB represented the rise, Capo defended the decline. 2021 was PlanB’s year, while 2022 was mostly Capo’s year. And now we have come to 2023, and Capo was wrong. The predictions of crypto analysts often do not show the truth. If you compare the predictions made in at least a 2-year period, you will see that the success rate is not 51%. This is quite normal because cryptocurrencies are high-risk, speculative assets.
If the recent rise is not a big bull trap, we have officially reached the end of the bear markets. Some say that we have moved out of the bear season as of June (with the involvement of BlackRock, etc.), but the price has achieved this by reaching $35,000 today.
