Crypto Capo, known for its accurate predictions of market crashes, finds itself under the spotlight as it continues to maintain a bearish outlook despite the bullish trend in the cryptocurrency industry in 2023. This unexpected position is considered normal for altcoin analyst Capo, who goes against the sector’s uptrends. Here are the details…
Analyst expects a decline in altcoin projects
Surprisingly, Crypto Capo recently issued bearish predictions specifically targeting Binance Coin (BNB). Capo notes that even in the absence of bearish confirmation on the higher timeframe, the overall structure still bears a similarity of distribution and investors should be cautious. On the lower time frame, BNB finds itself at a critical point, testing a previously broken support. Taking a cautious approach, Crypto Capo expresses the strategy of preserving profits until a clear bearish confirmation occurs. He emphasizes that he will only consider opening more short positions upon such confirmation and underlines his unwavering belief in an imminent decline.
Crypto Capo’s bearish trend extends beyond BNB to include Polygon (MATIC), observing the formation of a new lower high on MATIC’s BTC trading pair. The second test of the mid-level is currently ongoing and resistance at this level has resulted in rejection, solidifying Capo’s belief in MATIC’s downward trajectory.
What about the MATIC position?
Remaining firm in its stance, Crypto Capo maintains a $0.90 short position on MATIC. He emphasizes that he held the position at cost. With the targeted price for MATIC at $0.20 and a projected $40 decline for BNB on the main chart, Capo reiterates its commitment to these bearish predictions. This firm belief is also reflected in his decision to maintain short positions in these two notable altcoins. Capo’s predictions did not go unnoticed in the crypto community and sparked lively discussions. While the prevailing sentiment in the market is bullish, the contrasting perspective offered by Crypto Capo is a reminder of the inherent unpredictability of the cryptocurrency world.
As the crypto industry experiences volatility, the difference in perspectives within the community adds an extra layer of complexity to an already dynamic market. Only time will tell if Crypto Capo’s predictions are accurate, and surprises may be waiting around every corner in the ever-evolving world of cryptocurrency. Investors and enthusiasts will try to find their way through the uncertainty by closely following the developments in this exciting and volatile field.
Capo’s previous predictions
As we reported as Kriptokoin.com, in the first months of 2020, CryptoCapo, one of the leading names in the crypto world, correctly predicted that Bitcoin would fall to $ 3,500 and XRP would reach $ 0.11. Remarkably, this veteran analyst also precisely predicted the $0.13 mark for XRP. CryptoCapo has also demonstrated the ability to accurately predict significant declines in other altcoin projects. As a result, investors follow analyst forecasts closely.
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