Il Capo of Crypto, one of the most well-known bearish analysts of the cryptocurrency market, spoke again after the Bitcoin price reached the $ 38,000 limit.
After rising above $37,900, BTC experienced a sudden correction and is trading around $36,500 at the time of writing.
In its statement, il Capo claimed that a local peak may have been reached, although further verification is required. Addressing those who call him “crazy, bear, stubborn”, the analyst argued that the scenario in favor of the bear may still present itself.
In his statement, he said that he examines hundreds of technical charts for hours every day and all he sees is a bear scenario. However, according to il Capo, the sentiment level in the cryptocurrency market is extremely bullish.
The analyst stated that the funding, fear and greed index and other indicators confirm the bullish sentiment, but a different picture appears when Twitter and any Telegram channel are examined. According to il Capo, sentiment and price rise do not match the macro situation, that is, they show divergence. However, most charts are overextended and volumes are decreasing.
The analyst claims that this rally is trying to be extended as long as possible and is artificial.
*This is not investment advice.
