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In a bold move that defies the prevailing market sentiment, prominent crypto trader CryptoCapo has reaffirmed his bearish stance on the crypto markets and has expanded his short positions on various assets.
With a reputation for accurate predictions, Capo’s latest move has captured the attention of the crypto community.
Capo’s Diversified Short Positions
Capo, who maintains an active presence on Telegram with over 64,000 subscribers, announced that he is adding to his existing short position on Polygon (MATIC), an Ethereum scaling solution. The cryptocurrency is currently trading at around $0.903, experiencing a marginal decline of 0.55% over the past 24 hours. Positioned as the 11th-largest crypto asset by market capitalization, Polygon has attracted significant attention due to its potential for improving scalability on the Ethereum network.
The trader also revealed his intention to short several other cryptocurrencies. Alongside MATIC, Capo is doubling down on Binance Coin (BNB), the utility token of the BNB Smart Chain. Additionally, he plans to take short positions on Aave (AAVE), a decentralized finance (DeFi) protocol specializing in lending and borrowing, Tron (TRX), a platform offering decentralized storage and distribution, and Solana (SOL), a competitor to Ethereum.
Portfolio Composition: 65% USD, 35% Mid-term Shorts
Capo disclosed that his current portfolio allocation consists of 65% in US dollars and 35% in mid-term short positions. This distribution indicates his strong conviction in the downtrend of the cryptocurrency market. Challenging the recent bullish sentiment, Capo believes that the bear market is far from over, and any recent rallies, such as Bitcoin’s surge from $15,700 to $30,000, were merely retracements that have now reached their end.
Bear Market To Continue?
Capo’s accuracy in predicting market movements has garnered attention in the crypto circles. Notably, he correctly forecasted a downward trend for Bitcoin back in May. As a result, his latest positions are being closely monitored by industry participants who value his insights.
Will Capo’s predictions prove accurate or will the markets defy him once again? Only time will tell!