The cryptocurrency trader il Capo Of Crypto, renowned for accurately predicting last year’s drastic market downturn, has decided to close out several loss-making short positions in various altcoins. This strategic shift comes as Bitcoin breaches a significant resistance level, prompting a reevaluation of the trader’s market stance.
— il Capo Of Crypto (@CryptoCapo_) June 23, 2023
Last year, Capo foresaw the tumultuous crash that shook the crypto world, cementing his status as a savvy market predictor. However, the recent rally of Bitcoin to $35,000, a price point not seen since May 2022, has prompted Capo to reassess his bearish outlook and adjust his trading positions accordingly. Per CoinMarketCap, Bitcoin is trading at $33,847.53 during this press.
Capo’s decision to cover short positions in AAVE, SOL, CRO, and TRX comes amidst this backdrop of market unpredictability. He told his 614,675 Telegram subscribers,
I’m out of my shorts that were in a loss and keeping the ones in profit open until more information is available.
This statement reflects cautious optimism as he maintains short positions in BNB, MATIC, and WAVES. This indicates that while some altcoins may rise, others could still experience downturns.
Despite the shift to a neutral stance, Capo has not entirely dismissed his primary bearish case, which posits Bitcoin sliding to $12,000. While he acknowledges that this scenario has become less likely with Bitcoin’s recent surge past the $31,000 resistance level, he maintains that it is not fully invalidated. This cautious approach underscores the inherent volatility and unpredictability of the cryptocurrency market.
Capo’s trading decisions have not gone unnoticed, with the broader crypto community on social media platforms closely monitoring his actions. Some view his latest move as a contrary indicator, speculating on the potential end of the current market rally. Regardless of these varied opinions, what remains clear is that Capo’s trading acumen and market insights hold significant sway within the crypto community.
