Analyst Stays Bearish on Bitcoin Despite Major Breakout

An analyst who has previously bet against Bitcoin (BTC) remains bearish on the cryptocurrency even after its recent significant breakout. Capo, the pseudonymous analyst with a large following on Telegram, believes that Bitcoin is still showing signs of weakness despite its recent strength.

Staying Calm Amidst Adversity

Capo acknowledges that he is currently in the red with his short positions on Bitcoin, but he remains confident in his bearish thesis. He believes that a reversal is inevitable, and he is prepared for it. Despite facing losses, Capo is not discouraged as he uses low leverage, which has prevented him from being liquidated so far.

Potential Black Swan Event

The analyst’s bearish outlook on Bitcoin is supported by his anticipation of a possible unforeseen “black swan event” on the horizon. He emphasizes the importance of staying calm and patient, as not all market scenarios play out immediately.

BNB Chain Analysis

In addition to Bitcoin, Capo is also analyzing BNB, the native token of BNB Chain. He points out that BNB is facing strong resistance and could experience a significant drop of around 49% from its current price levels. Capo suggests that BNB might reach a support level last seen in March of 2024.

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