CryptoCapo, who said “still short and strong” in January and to wait for $12k, breaks his silence after months of invalidations

If anyone is involved in crypto twitter you know of Capo. Hes got a following of ~750k and a veteran trader whos been around years, and there lies the reason for this hubris i suppose. For months while the market rallied he broadcasted to his followers “still sidelined”, “bearish short term”, “thesis still remains the same” yet here we are almost 2x off the cycle lows. He hasnt tweeted in months and today posted this message:

Message for all my audience.

We live in an increasingly dehumanized world in which most people don't stop to think about the consequences that their words can have, and are only looking for an instant dose of digital dopamine in the form of engagement. In this environment it's even more difficult to maintain rationality and objectivity. This is especially true on Crypto Twitter, where many opposing interests mix. From the comfort of your desk chair and behind a screen, everything is easier and becomes more inhuman, losing values such as empathy and respect. That's why it's very important to stay away from the noise and stay true to your principles, no matter what. Even having stayed away, I see that things have gotten out of control and I want to clarify a few important points:

My analysis and positioning in the market have been misinterpreted. I have repeated many times that I haven't shorted BC during this rally, because altcoins can move more and the charts are clearer, apart from the fact that alts/bc are also bearish. Many altcoins have already made a new low below that of 2022 and some are even reaching covid lows. Others have retraced much of this year's bear market rally and are about to make new lows. That's why I have been building short positions for the mid-term (with low leverage) in which I'm adding size at key resistances and in the altcoins that I think may drop more (BB, TRX, SOL, AAVE and MATIC). All these positions are in profit except the TRX one. Bitcoin charts are important because it's the main crypto asset and it's good to add confluence, but posting a bearish BTC chart doesn't equate to having a short position in BTC.

I know that some of my recent analysis has not been as accurate as in the past, and I'm sorry for any confusion or concern this may have caused. As traders, we know that the cryptocurrency market is extremely volatile. In my opinion this move up from the lows has been constantly manipulated with BUSD, USDC and now TUSD as well, printed out of thin air. And aside from that, the bad news from the SEC against Binance and Justin Sun doesn't come alone and there is still more to come. Despite our best research and analysis, we cannot always predict exactly how the market will move. My intention has always been and will always be to help the community as much as possible, and there's no excuse to insult, mock or defame other person who is only sharing his opinion, bullish or bearish, right or wrong.

The analysis hasn't changed. Price is still at major resistance and as said before, the movement looks manipulated. A capitulation event is still likely and the main targets remain $12k for BTC and $500-700 for ETH. Altcoins would drop 60-80% on average, some even more (like BNB as I explained in a previous post). In case the analysis gets invalidated for serious reasons, I will have no problem to adapt to the new market circumstances, for me it wouldn't be a defeat but a new opportunity to learn more.

It is good to remember for people who have started following me in recent times that during 2022 I called most of the bear market (both BTC $21-23k and $16k main targets) and the LUNA and FTX/FTT crashes and I'm proud to have helped so many people protect their capital.

Protecting your capital is much more important than making money. Basically because if you lose it, making money is much harder. "Missing the train" vs. "losing your money". There are a lot of trains, but if your money is gone, it's over... Also good to remember that I'm not a permabear and that I will flip bullish when the moment is right, same as I was bullish during the most part of the last bull market (from 10k) and in 2017.

This break from Twitter is being much needed. Lately all the focus was on me and there was a lot of toxicity. The smartest thing to do was to simply ignore it and live my life doing what I like the most: spend time with my family and loved ones, play sports, beach, travel, guitar, check the charts... And this is how it will continue to be until I have motivation and a clear reason to come back to Twitter. I will come back stronger than ever.

Thank you for reading and I wish you all the best. "All good things come to those who wait."

It appears hes lost his sanity, blaming “market manipulation” (its crypto? Of fucking course?) and saying “well actually im technically right if you look at altcoins”.

You can go through his twitter history and see the permabear in all its glory. Be careful blindly following secondhand analysis, these people are their own brands and would much rather have you lose money than admit they were wrong. Just because someone was once right does not mean they will be right everytime.