A popular crypto trader who has remained bearish on the digital asset markets this year is doubling down on his predictions and adding more to his short position on one large-cap token.
The pseudonymous trader Capo tells his 64,703 Telegram subscribers that he’s adding to his existing short on Polygon (MATIC), an Ethereum (ETH) scaling solution.
MATIC is trading at around $0.903 at time of writing. The 11th-ranked crypto asset by market cap is down 0.55% in the past 24 hours.
Capo notes that his current positioning is 65% in the US dollar and 35% in mid-term short positions.
Besides MATIC, he’s also shorting Binance Coin (BNB), the utility token of the BNB Smart 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 trader predicted Bitcoin (BTC) was destined to plummet to $12,000, while ETH could crash by well over 70%. He argues that the bear market hasn’t ended yet and BTC’s recent rally from $15,700 to $30,000 was nothing more than a retracement, which has now come to an end.
Capo is known in crypto circles for correctly predicting last May that Bitcoin would continue to plunge lower.
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