Il Capo of Crypto, the famous analyst who predicted the crash of Bitcoin in 2022, is starting to lose his credentials. Some even accuse him of making wrong predictions and inflating the value of several small-cap altcoins.
While traders, whales and HODLers determine the trajectory of prices, analysts, considered by some to be gurus, have a significant impact on crypto market sentiment.
Il Capo of Crypto, who has over 541.9k followers on Twitter, was by then one of the most famous analysts in the crypto sphere. However, recently FatMan, a crypto enthusiast and former supporter of Terra Luna, accused him of “arbitrarily making Bitcoin predictions”.
Technical analysis or blind predictions?
In a detailed post, FatMan presented a chart of Bitcoin’s price alongside tweets posted by the Capo of Crypto following the asset’s all-time high. FatMan’s comparison shows that Capo’s bottom analysis is followed by larger losses. Also, most of his Bitcoin predictions have been disproved by price movements.
On November 29, 2021, shortly after Bitcoin’s latest all-time high, Capo advised his followers to keep the asset in their wallets.
However, after November 29, the market’s #1 cryptocurrency saw a short-term gain of 10% before embarking on a long-term downward trajectory. After all, its price dropped by 20% within a week.
In early January, Crypto’s Capo again predicted that Bitcoin’s bottom was near. At that time, the price of the asset hovered around the $43,000 mark. Between the day the tweet was published and February 1st, the price of BTC fell by 17%, falling to a low of $32,000 in the following days.
On January 13, Capo again predicted that BTC would bottom at $43,000. However, 10 days later, the asset fell to $32,000. Also, around the same time, Bitcoin’s RSI dipped into the red, indicating strong pressure for sale.
Around December, when the price of Bitcoin was hovering around $48,000, Capo predicted it would reach $55,000. A few days later, the crypto bounced off its $50,000 support.
On January 18, Capo of Crypto predicted a minimum of $40,000. A week later, the price of BTC fell to $32,000, again invalidating the analyst’s predictions.
In contrast, on January 22, when Capo predicted that Bitcoin would fall below the lower $30,000 wick, its price rose 25% over the next week.
Finally, on January 23, Capo said that due to the volatility of Bitcoin, he prefers to invest in USDT. A little later, BTC saw a medium to short-term rally before falling again.
2022 Bitcoin Collapse: Crypto Capo’s Only Successful Prediction?
Another interesting moment, in March 2022, when BTC hovered around the $40,000 mark, Il Capo of Crypto predicts that the asset will lose up to 50% of its value.
A year ago, the analyst predicted that BTC would reach between $200,000 and $500,000 before March 2022.
In March 2022, Bitcoin formed a bearish pattern after undergoing a 50% correction between November 2021 and January 2022. The bearish trend was confirmed in late April 2022, and since then BTC has lost 56%, reaching $17,600 in mid June.
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