Despite the cryptocurrency market’s strong recovery and a recent spike in BNB purchases, one analyst is predicting that Binance Coin (BNB) will crash.
Capo, a crypto trader with 697,100 Twitter followers, forecasts a drop of more than 80% in the value of BNB. This comes despite news of Binance launching Cristiano Ronaldo’s NFT collection and acquiring a South Korean exchange, which some might see as bullish indicators.
Make-or-Break For Binance Coin
After adding the final piece to the BNB short, the typical entry is now $265. The range of $40–$45 continues to be the primary aim.
This is not financial advice; rather, it is a panic trade with very little leverage.
According to Capo’s analysis of the BNB price chart, the cryptocurrency will first fall to the $125–$135 range, and then to the $40–$45 range by the end of June.
The current market price of BNB is $258.
Bitcoin Price To Drop 28%
After trading sideways in the area of mid to high $16,000, Capo continues to forecast that Bitcoin’s value would shortly drop by more than 28% from its current level to a low of $12,000.
- Overall, Bitcoin has been trading sideways in the mid to high $16,000 level prior to this. $16,600, $16,800, $16,600, $16,800, $16,600, $16,800. To the tune of $12,000 when you least expect it.
- After examining the chart, he concluded that before the spring, the price of Bitcoin will fall to $12,000 and the price of altcoins would fall by around 50-60%.
- Hence, according to his analysis, once the price of bitcoin has bottomed out, there is a good chance that it will surge to above $20,000 around May 2023.
It has been said that “a chart is worth a thousand words.”
Investors heed the warning
He further argues that any future Bitcoin price appreciation will be a “bull trap,” analogous to the market behavior in 2022.
A small infusion into resistance is all that’s needed to restore confidence. Throughout all of 2022, this identical hoax has been played on countless unsuspecting victims. The likelihood of spending $12,000 is high.
Bitcoin is trading at $16,856 at the time of this writing.