Analyst Says BTC Reversal ‘Just a Matter of Time’ Amid Euphoria – Here’s His Outlook

Analyst Says BTC Reversal ‘Just a Matter of Time’ Amid Euphoria – Here’s His Outlook
The Daily Hodl
The Daily Hodl
BTC+0.67%
BNB+2.16%

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.

Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Stablediffusion

The post Analyst Says BTC Reversal ‘Just a Matter of Time’ Amid Euphoria – Here’s His Outlook appeared first on The Daily Hodl.

The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.