The cryptocurrency market has been following a volatile trend lately. While Bitcoin’s rise to a historical peak excites investors, analysts’ comments also play an important role in determining the direction of the market. Capo of Crypto, who is known for his bearish views and has a say in the crypto market, predicted a sharp decline for altcoin projects Avalanche (AVAX) and Polygon (MATIC) in his latest statement. While this prediction caused concern among investors, Capo’s previous predictions, which were correct, also became a matter of curiosity.
Il Capo expects decline for two altcoins
The cryptocurrency market has been following a volatile trend lately. While these fluctuations worry investors, the comments of analysts who have a say in the market are also of great importance. Capo of Crypto, known for his bearish views, predicted a sharp decline for Avalanche (AVAX) and Polygon (MATIC) in his latest statement.
AVAX is trading at $56.49 after an 18% rise. In contrast, il Capo claims that AVAX has reached the main resistance point between $50 and $55 and will decline heavily from there. According to the analyst, AVAX price may drop to $24.
With Bitcoin rising to its all-time high price level, many analysts argue that it has entered the bull market. However, il Capo bear does not compromise on his opinion. In a recent statement, he stated that he was entirely in cash. He also said that he does not have a short or long position on any cryptocurrency. Therefore, Capo continues to surprise investors.
Will MATIC also decline?
il Capo notes that MATIC has also reached its main resistance at $1.25. Then, he predicts that it could drop to $1.01 from now on. MATIC is currently trading at $1.17 and is down 4% in the last 24 hours.
il Capo’s predictions had a great impact in the altcoin market. Taking these forecasts into consideration, investors should carefully evaluate their investments and try to minimize their risks. However, the Cryptocurrency market is highly volatile and analysts’ predictions may not always be accurate. Investors should also do their own research and consider all risks before risking their investments.
Capo’s previous predictions
MeanwhileKriptokoin.com As we reported, Capo came to the fore with his previous predictions.
- Previously, Capo said that Bitcoin would fall sharply from $69,000. Moreover, he predicted that it could drop to $20,000. Bitcoin fell from $69,000 as Capo predicted and dropped to levels close to $20,000. However, this took place over a very long period of time. For this reason, there are people who do not pay much attention to analyst predictions.
- Ethereum Decline: Capo predicted that Ethereum would also decline from $4,800 and could drop to $1,700. Ethereum fell from $4,800, as Capo predicted, falling to levels close to $1,700. This, like the decline in Bitcoin, took place over a very long period of time.
- Bitcoin Bottom Prediction: Capo predicted that Bitcoin would reach a bottom at $13,000 and move upwards from there. Although Bitcoin fell below $13,000, it could not experience an upward move as Capo predicted.
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