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This Is Not The Time To Be Bearish On Bitcoin, Analyst Says

The crypto market seems to be recovering following the fluctuations that it saw the day before. Check out the latest reports about the most important digital assets below.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $19,631.

Bitcoin price analysis

The widely followed Bitcoin (BTC) analyst who predicted the king crypto’s current fall from all-time highs says today is not the day to be bearish about the king coin.

Pseudonymous trader Capo said recently that they are bullish on Bitcoin in the near future.

“I’m still bullish short-term. This is not the time to be bearish in my opinion.”

Capos is addressing Bitcoin’s current price behavior and that of 2018, the last major BTC bear market.

“BTC in 2018 vs. BTC now.”

The online publication the Daily Hodl notes that Bitcoin currently dumped 4% in the last 24 hours. Capo now foresees an imminent short squeeze.

Just in case you don’t know, this occurs when a sudden price spike causes BTC short sellers to buy more to avoid greater losses.

“Short squeeze is gonna be glorious.”

Updating his followers this morning, Capo is sticking to his guns. He calls a possible shot to $21,000.

“I didn’t expect this move to go this low. In fact I expected the bounce to come earlier.”

He continued and said this:

“With this being said, SPX [Standard & Poor’s 500 Index] is pumping and DXY [US Dollar Index] dumping. BTC still at support. This could be a massive bear trap. Bounce to $21,000 is still in play. Invalidation on chart.”

Despite the massive market volatility, there are a lot of predicitons about the price of the king coin which are more than optimistic. Also, the mainstream adoption of digital assets is going great. Stay tuned for more news and make sure to keep your eyes on the market.

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