A preferred crypto dealer who has remained bearish on the digital asset markets this yr is doubling down on his predictions and including extra to his brief place on one large-cap token.
The pseudonymous dealer Capo tells his 64,703 Telegram subscribers that he’s including to his current brief on Polygon (MATIC), an Ethereum (ETH) scaling answer.
MATIC is buying and selling at round $0.903 at time of writing. The Eleventh-ranked crypto asset by market cap is down 0.55% prior to now 24 hours.
Capo notes that his present positioning is 65% within the US greenback and 35% in mid-term brief positions.
In addition to MATIC, he’s additionally shorting Binance Coin (BNB), the utility token of the BNB Good Chain, the lending and borrowing decentralized finance (DeFi) protocol Aave (AAVE), decentralized storage and distribution platform Tron (TRX), and the Ethereum competitor Solana (SOL).
Earlier this month, the dealer predicted Bitcoin (BTC) was destined to plummet to $12,000, whereas ETH might crash by effectively over 70%. He argues that the bear market hasn’t ended but and BTC’s latest rally from $15,700 to $30,000 was nothing greater than a retracement, which has now come to an finish.
Capo is thought in crypto circles for appropriately predicting final Could that Bitcoin would proceed to plunge decrease.
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