Pseudonymous trader Capo of Crypto, notorious for making consistent bearish predictions, doubled down on another bearish call — much to the amusement of social media.
What Happened: A screenshot from the trader's Telegram group shows a prediction calling for Bitcoin to "dump" to $45,000:
just before yesterday movement! People really think he do the same what he post) I dont think so, im more than sure he do absolutely opposite all the time and make a good money #capo $btc pic.twitter.com/0aaEjdBuNq
— Crypto 4 Light (@vladi4light) February 27, 2024
Coincidentally, the call came hours before Bitcoin BTC/USD blasted through its previous resistance of $53,000 for a 12% daily gain.
Capo has gained notoriety for being a "perma bear," a permanently bearish trader. On Feb. 12, Capo expected a rejection from the $50,000 level for Bitcoin, while on Dec. 22, 2023, he saw Bitcoin forming a "local top" between $40,000 and $45,000.
Capo is most infamous for his call from Nov. 28, 2022, where he predicted that "capitulation is a matter if time" and that Bitcoin should reach $12,000. "I won't post any more here until confirmation or invalidation," Capo vowed.
Read Also: Pepe Leaps Past Dogecoin, Shiba Inu For 23% Daily Gain - 'I've Been Loading Up,' Trader Says
Why It Matters: Capo's latest call did not fail to entertain the cryptocurrency community:
Capo waiting for $12k pic.twitter.com/FtycQysozs
— Gordon (@AltcoinGordon) February 26, 2024
"I am 100% sure the Day Capo goes Bullish is the day we top now," prophesized one pseudonymous trader.
Others have long concluded that Capo is the crypto equivalent of the "Inverse Cramer" phenomenon, asking to "send it higher" on his bearish prediction.
At least one trader seemed to show compassion, saying he is "genuinely worried capo is going to kill himself."
Technical analysts are bullish on Bitcoin's further prospects.
Cold Blooded Shiller reminded his followers to follow the momentum and "throw away any logic" about overbought or extended conditions. He recalls similar conditions in 2021: "an 'overbought' indication for the market and we continued to trade +250% higher."
With six-figure valuations among respected traders becoming more common by the day, perma-bears like Capo of Crypto could soon become an extinct species.
Read Next: Trevor Noah Says His Biggest Regret Is Not Purchasing Bitcoin When 'It Was Nothing'
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