Prominent crypto analyst Capo remains bullish on Bitcoin (CRYPTO: BTC), arguing that current market conditions resemble an accumulation phase rather than the start of a deeper collapse.

"This Is Not Time To Sell, But To Buy"

In a June 11 market update, Capo acknowledged that his bullish thesis has not played out yet but maintained that his broader outlook remains unchanged.

The analyst noted that high-timeframe market calls often take longer to develop and that timing is frequently the most difficult part of macro investing.

Despite Bitcoin’s weakness, Capo continues to view the current area as a major support zone, as in February.

He also pointed to increasingly bearish sentiment as a potential contrarian indicator, noting that many traders are now expecting significantly lower prices.

Capo believes capital could eventually rotate from equities into crypto after the strong stock market rally seen in recent months.

Another key observation is the relative resilience of altcoins. “Altcoins have been holding much better than BTC, which is a sign of strength,” he said.

Many altcoins remain down between 90% and 99% from their highs, often without experiencing meaningful dead-cat bounces.

“This is not time to sell, but to buy,” Capo suggests.

Four-Year Cycle May Be Evolving

When asked whether the traditional four-year Bitcoin cycle is over, Capo noted the framework may still be intact but changing.

If the 2026-2028 period remains largely bearish and the next major recovery does not begin until after the next halving, he views that as a distorted version of the traditional cycle.

"Kind of like music: you can still have a four-beat rhythm, but every few bars the structure can shift," Capo said.

Capo predicts that Bitcoin could remain trapped in a broader macro bearish phase that includes sharp countertrend rallies.

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