A strategist who accurately predicted Bitcoin’s slump this year says another massive Bitcoin breakout is imminent
Il Capo of Crypto, a well-known cryptocurrency trader who predicted the market crash earlier this year, now asserts bitcoin is on the eve of a long-awaited rebound.
Capo has a decent track record for predicting the price of bitcoin. The analyst correctly predicted in March of this year that bitcoin would go below $23,000. And this is precisely what happened. The market benchmark ended up reaching a 2022 low of less than $17,800 in June.
Bitcoin has remained in the $19,000 region for fourteen consecutive days as traders continue to dissect a variety of concerns afflicting the markets in recent months. At press time, the price of Bitcoin was $19,393.88 per coin, a small increase from 24 hours earlier.
Despite this, Capo, a trader, believes greater increases may be forthcoming. In a recent tweet, the expert said that “the moment has come” for bitcoin to return, as bears are giving the required rocket fuel for a rise.
“The price activity is positive. The heatmaps are bullish. It is time… There are several shorts that need to be compressed. “Shorting support is a poor strategy,” said Capo.
For those unfamiliar, a short squeeze refers to a quick rise caused by the unwinding of bearish bets or the hasty exit of several sellers. When an asset is substantially shorted, a little price increase often causes numerous sellers to give up and close their sell positions. In turn, this exerts substantial upward pressure on prices, resulting in an exaggerated movement. Capo added in a follow-up tweet a few hours earlier that BTC may reach $21,000 this week.
The benchmark cryptocurrency has had a rough couple of months due to macroeconomic uncertainties, a political shakeup in the United Kingdom, and market fatigue. BTC is still trading over 71% below its November 2021 all-time high of $69,044. Its current market capitalization is around $372 billion.
Despite the severe bear market cycle, a substantial number of Wall Street titans, like Mastercard and Google, are developing cryptocurrency-centric products. It’s just a matter of time until these irrationally optimistic underlying factors spark a really magnificent bull market.
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