An analyst known for betting against Bitcoin (BTC) says he’s still bearish after the flagship crypto asset’s major breakout.
The analyst pseudonymously known as Capo tells his 128,461 Telegram subscribers that Bitcoin has demonstrated “remarkable strength” at a time when traditional markets are showing signs of weakness and are pointing to the potential formation of a top.
Although he’s in the red, the trader believes he’ll make it through.
“Euphoria around BTC is evident, and a reversal remains just a matter of time in my opinion.
Currently, all my short positions are in a loss. Luckily, I use very low leverage, so to the disappointment of many, I’m not liquidated yet.”
Capo has been betting that Bitcoin may fall to around $65,000, a level last recorded in November of 2024.
The analyst says his bearish thesis is backed by the possibility of another unforeseen “black swan event” on the horizon.
“Staying calm despite adversity. Not everything plays out immediately.”
Bitcoin is trading at $118,926 at time of writing, up by approximately 10% over the past seven days but down by a few percentage points from the all-time high of just under $123,000 reached earlier this week.
The trader is also analyzing the native token of BNB Chain (BNB). Capo says BNB is facing strong resistance and could fall by around 49% from the current price to a level last recorded in March of 2024.
“Price is at the range high resistance.
Mid-range support at $350 – $400.”
BNB is trading at $693 at time of writing.
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