The most reviled cryptocurrency trader discusses his bearish bias, which is influenced by fundamental and technical factors.
The trading of cryptocurrencies is rife with polarising opinions and controversial figures. Among the most infamous is a crypto trader who has been astonishingly forthright about his pessimistic bias.
Under the alias Crypto Capo, he recently shared strategic insights that cast light on his market analysis thought process.
Crypto Capo maintains his pessimistic perspective, holding 70% of his portfolio outside of the cryptocurrency market. With the remaining 30% of his portfolio, he is shorting select altcoins using leverage.
The renowned crypto trader anticipates that the market will remain stagnant pending the release of significant news.
According to Crypto Capo, a number of alternative cryptocurrencies have breached key support levels. Similarly, the ” 0-B/0-X trendlines” are close to doing so. Other altcoins have already reached new lows, proving that the rise from the December low was solely a correction.
The cryptocurrency speculator anticipates a significant sell-off in the near future. He believes that altcoins could fall between 60 and 80 percent, while Bitcoin’s primary objective is $12,000.
Binance, one of the major cryptocurrency exchanges, controls between 70 and 80 percent of the BNB supply. Akin to the situation with FTT, the company may sell BNB in light of recent legal obstacles.
The crypto trader asserts that BUSD price manipulation drove the early 2021 bull run. Sam Bankman-Fried engaged in comparable actions with FTT, albeit in public. Binance CEO Changpeng Zhao went public with a $1 billion BUSD fund, and no more BUSD can be created due to regulatory restrictions.
The Remarkable Similarity to the FTT Chart The BNB chart is strikingly similar to the FTT chart. Crypto Capo believes the only distinction is that BNB has a longer timeline.
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