While Bitcoin and altcoins experienced an uptick in value due to the potential approval of an ETF and positive developments from Grayscale, new statements have emerged from the analyst who goes by the pseudonym Capo. Capo, renowned for his bearish outlook and often criticized for his pessimistic remarks, announced his withdrawal from the market.

In a Telegram post, Capo disclosed that he had closed his short positions in certain altcoins. He began by congratulating investors who profited from the rise in Bitcoin and altcoins before revealing that he had liquidated his positions in Aave (AAVE), Solana (SOL), Cronos (CRO), and Tron (TRX).

Capo acknowledged that some of his previous altcoin analyses had proven to be inaccurate and issued an apology to those who followed his insights, albeit not as financial advice. He admitted to closing short positions that had incurred losses but decided to maintain his profitable positions in Binance Coin (BNB), Polygon (MATIC), and Waves (WAVES) until he gathered more information.

Capo expressed his commitment to providing the best possible analysis but acknowledged that success and failure were part of the industry. He confessed to being surprised by Bitcoin's ease in surpassing the $31,000 resistance level and emphasized the need to monitor whether it would dip below $30,000 to confirm whether the recent surge was driven by ETF enthusiasm.

He stated that the bearish scenario wasn't entirely invalid but appeared unlikely unless the price dipped below $30,000. Capo noted two possible scenarios for Bitcoin's future: the first being a retest of the $31,000 resistance-turned-support, leading to further upward movement, and the second involving a potential retracement below $31,000, suggesting that the recent rally might have been a false breakout.

Concluding his remarks, Capo declared that he was currently in a waiting mode, refraining from initiating new positions and merely observing the market.