Il Capo of Crypto (Crypto Capo), an important figure in the cryptocurrency world, recently published a tweet analyzing the recent rise in Bitcoin and other cryptocurrencies. He described it as the “biggest trap” he has ever seen and stated that the target price for Bitcoin remains at $12,000. Here are the details…
A long market comment came from the famous Bitcoin analyst
cryptocoin.com As we have also reported, the analyst, who correctly predicted the BTC and altcoin collapse in 2022, tweeted a long text for those who criticize him the other day. This tweet comes after il Capo was heavily criticized by the online community for his predictions about the cryptocurrency market. Despite the recent rise in the market that contradicted his forecasts, he remained steadfast in his belief that the current volatility is a trap.
Some thoughts.
I'll continue to ignore the noise after this. pic.twitter.com/B4MFV2Bawb
— il Capo Of Crypto (@CryptoCapo_) February 17, 2023
In a recent post, il Capo acknowledged that he did not expect such a strong recovery in the altcoin market or the impact of artificial intelligence on the market. However, he expressed his satisfaction with those who can see the market correctly. Although il Capo of Crypto has faced a lot of criticism from those who believe its predictions are wrong, it still maintains its belief that the market is a trap. He argued that his own predictions did not bear fruit due to the disappointment of his critics.
Has the bull market arrived?
Despite the controversy surrounding Il Capo of Crypto, he remains a highly respected figure in the cryptocurrency world. As we reported, his past predictions were correct and his insight into the market was highly valued by many in the community. For example, the analyst who correctly predicted the BTC and altcoin collapse in 2022, predicted that BTC will fall to $ 50,000 in 2021. He also correctly predicted the fall of BTC to $3,500 three years ago. According to data from CryptoQuant, the bull market is not here yet. The recent Bitcoin bear market has resulted in significant losses for all market participants, including long-term investors who typically profit.
However, long-term holders tend to behave this way in the late stages of a bear market, where everyone is selling or “surrendering” in panic. The SOPR metric, or Rate of Profit on Outcome Spent, measures how much profit or loss the long-term holders are making. Since late May 2022, this metric has remained below one, showing that long-term holders are constantly suffering from losing money. In the late stage of a bear market, it’s common for long-term investors to panic sell or “capture.”
SOPR metric matters in the long run
The historical beginning of the bull market has been associated with the metric crossing over one. Recently, the metric has started to recover and rise a bit due to the rise in Bitcoin’s price. However, it is too early to declare the $15.5K level as the bottom of the bear market, as the recent sudden rally could be a bull trap. Therefore, it is important for long-term traders to closely monitor the SOPR metric in the short-term to predict price direction.
If the metric continues to trend more than once, it could be a sign of the arrival of a bull market. On the other hand, if the metric stays below one, it could show more losses for long-term holders. It’s too early to call this a bull market for Bitcoin. Although the SOPR metric is starting to recover, the recent impulsive rally could be a bull trap, according to experts.
