Black_background_logo_BitcoinWorld-removebg-preview
Blockchain News

Crypto Bear Doubles Down Again, Goes Short on Polygon (MATIC), Solana (SOL), Aave and More

One trader’s forecasts have made ripples in the Bitcoin industry. With his negative stance on digital asset markets, Capo, a pseudonymous person, has amassed a sizable following. Despite the recent bounce, he is confident that the bear market is far from over. He is expanding his short position in Polygon (MATIC), an Ethereum scaling solution, doubling his expectations.

MATIC is currently trading at $0.903 at the time of writing. It has dropped 0.55% in the last 24 hours as the 11th-ranked crypto asset by market cap. Capo, who has a large following of 64,703 Telegram members, emphasizes his present position: 65% in the US dollar and 35% in short positions over the medium term.

However, MATIC is not Capo’s sole short-position aim. He is also wagering against other well-known cryptocurrencies. Binance Coin (BNB), the utility token of the BNB Smart Chain, Aave (AAVE), a DeFi protocol for lending and borrowing, Tron (TRX), a decentralised storage and distribution network, and Solana (SOL), a rival to Ethereum, are among his shorts.

Capo’s forecasts have a track record of success, as he correctly predicted Bitcoin’s downward trend in May. Earlier this month, he predicted that Bitcoin (BTC) would fall below $12,000 and Ethereum (ETH) would fall by more than 70%. He claims that the recent rebound from $15,700 to $30,000 was only a retracement and that the bear market is still active.

While many traders are bullish on the future of cryptocurrencies, Capo’s contrarian viewpoint has piqued the interest of investors. Thanks to his track record and rising subscriber base, his views continue to gain attention and provoke arguments inside crypto circles.

The cryptocurrency industry is volatile and unpredictable as the market changes, and investors closely observe Capo’s actions. Whether his pessimistic forecasts come true or the market defies him, Capo’s research serves as a reminder that the world of cryptocurrencies is ever-changing and may frequently take unexpected turns.

All eyes will be on Capo in the coming weeks as he maintains his negative perspective and provides further insights into the crypto market’s future.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.