Analyst Who Predicted 2022 Crypto Collapse Could Turn 'Mega Bullish' If Bitcoin Hits $12K

A pseudonymous analyst who had earlier predicted a collapse in the crypto market for 2022, has now signaled that Bitcoin (CRYPTO: BTC) is poised to go on a bearish trend.

What Happened: The pseudonymous analyst known as ‘Capo of Crypto on Wednesday’ took to Twitter to issue a warning to his 734,000 followers that BTC was on the brink of 'capritulation', which looks like he misspelled capitulation.

Capriltulation. pic.twitter.com/IAlTCvkiqC

— il Capo Of Crypto (@CryptoCapo_) March 29, 2023
Although the analyst did not provide a specific timeline, 'capitulation' refers to panic selling followed by steep price drops in the world of crypto.

Capo shared a chart that suggests BTC is likely to fall from the current price range of $28,000 to $12,000, with a floor of $11,227. 

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Capo shared that he could turn "mega bullish" if Bitcoin's price reached his target or the analysis was invalidated. 

I do trade the market in both ways, that's why I will flip mega bullish if price reaches my main target or the analysis gets invalidated. No signs of bull market, so I stick to my analysis while adding to my altcoins shorts to average the price up. Thanks for caring though!

— il Capo Of Crypto (@CryptoCapo_) March 29, 2023

The analyst on Monday divulged that his primary short positions were in Binance Coin (CRYPTO: BNB) and Tron (CRYPTO: TRX), adding that he had other shorts for AAVE (CRYPTO: AAVE) and Solana (CRYPTO: SOL).

Price Action: At the time of writing, BTC was trading at $28,085, up 4.19% in the last 24 hours, according to Benzinga Pro.