Capo, a well-known crypto analyst, reported that he has taken a position against a large list of altcoins that includes MATIC and SOL. The successful trader is waiting for Bitcoin to drop to $12,000 when he shorts the market.
Capo shared that he took a short position in these 5 altcoins
Expressing that he has been waiting for a decrease for a while, the crypto analyst doubled his predictions this time. It was noteworthy that most of the altcoins on Capo’s list were among the top 50.
The analyst shared that he first took a short position on Polygon (MATIC) at $ 0.96. MATIC is currently trading at $0.8935, a slight decline from this level.
Other altcoins that Capo expects to drop and are currently shorting: BNB, AAVE, TRX and SOL. The crypto analyst had previously said that he expects Bitcoin to drop to $12,000. He also predicted that Ethereum would also lose 70% in value during this time.
Capo argues that the bear market is not over yet and that BTC’s recent rally from $15,700 to $30,000 is nothing more than a retracement that is now over.
Alex Krüger expands long positions in anticipation of bulls
Economist and crypto investor Alex Krüger, unlike Capo, envisions a green future. In his current analysis, he is bullish on Bitcoin and Ethereum, predicting they will end the year strongly.
Krüger predicted that the Fed is probably nearing the end of raising interest rates to rein in inflation and will likely return in December. The economist believes markets will anticipate the Fed’s return and start to recover as early as August.
The Fed has delivered 20 x 25bps rate hikes in its fastest and most agressive hiking cycle in history.
Which means at least 90% of the Fed hikes are behind (if not all). That to me is all that matters, and makes it easy to stay long. This has been my view all year.
My base case…
— Alex Krüger (@krugermacro) May 29, 2023
Crypto also says that it has taken long positions in both BTC and ETH and is betting that they will make big moves to the upside. According to the analyst, Bitcoin is struggling to pass the key $30,000 level. He attributes this to the fact that investors sell on every rally.
Krüger says that if Bitcoin can break the $30,000 level, it will likely set the stage for a bull market. However, he warns that if Bitcoin retests $26,000, it could show more weakness.
Michaël van de Poppe says the coming days will be critical
Another popular crypto analyst, Van de Poppe, highlighted the critical juncture for Litecoin, explaining that the next few days will be crucial for price action.
The analyst identifies $93 as the critical resistance level that must be overcome for the halving rally to begin. Litecoin is currently trading above this level. Poppe said that a positive weekly candlestick would follow the breakout. Meanwhile, Litecoin will complete its third halving cycle on August 2.
Request 01 – $LTC
Many squigglies on this chart, but higher timeframe resistance is at $93.
Currently, support found at $82 and a strong bounce -> weekly candle looks good.
Next week breaking through $93 and the Halving rally might start. pic.twitter.com/k8Xtp70Tai
— Michaël van de Poppe (@CryptoMichNL) May 27, 2023
Poppe also watches Polygon (MATIC) closely. He predicts that MATIC will rise as high as 61% if it breaks a key resistance level. At this point, he said, turning $0.95 to support for MATIC would be critical. According to the analyst, MATIC bulls will move towards the $1.30-1.50 range from here. However, if MATIC fails to pass this level, the short position may become active.
Solana co-founder Raj Gokal makes giant prediction for altcoin
Gokal predicts that Solana, of which he is the founder, will surpass Ethereum in the long run. He told TechCrunch that Solana could dominate the crypto space as much as Apple does in the consumer electronics industry.
“Solana has the potential to be the Apple of crypto. “I think Apple worked on a latency of close to a decade for touchscreens to allow the iPhone to come out, and it felt like magic.”
According to Gokal, Solana’s engineering team and ecosystem are putting an Apple-like focus on user experience and performance to ensure the network “feels like the regular internet when there’s an all-new financial internet.” Solana co-founder says layer-1 blockchain will focus on growth in the future.
The core thesis will [focus] on new businesses, new projects, independent developers. We’re still in an ecosystem and community that is optimistic about what two developers in a garage can do.
Solana’s new smartphone begins delivery
As Cryptokoin.com reported, Solana’s highly anticipated smartphone has started to deliver pre-orders. In his Solana Blockchain-based smartphone released last month, Gokal says this will help more people access crypto products and services without having to use a computer.
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