A widely-followed crypto analyst who predicted Bitcoin’s (BTC) crash in May 2022 says two top 10 digital assets could face sharp price drops soon.
Pseudonymous crypto trader Capo tells his 677,000 Twitter followers that he expects leading smart contract platform Ethereum (ETH) to correct somewhere between $600 and $650.
The second-largest crypto asset by market cap is changing hands at $1,218 at the time of writing, up 2.64% in the past 24 hours. A pullback in Capo’s price forecast would mean a drop of about 50% for ETH.
Then the strategist turns his attention to Binance Coin (BNB), the native asset of Binance, the largest crypto exchange platform in the world by volume. Capo envisions the token diving to the $125 to $135 range if BNB moves below $250, confirming this as resistance.
BNB is currently valued at $308. A price drop to the trader’s bearish price target would mark a nearly 60% correction for the crypto asset.
While Capo is bearish on Ethereum and BNB, the prominent market research firm Santiment say that the crypto markets, including ETH, could rise if traders show signs of capitulation. The insights company emphasizes that traders are currently bearish on crypto, which the company says could create an atmosphere where markets could bounce.
“The word ‘death’ was quickly circulating on crypto platforms in November. As one of the more bearish sentiment words, it is a sign that traders are giving up when the markets recover. Ironically, this capitulation is historically the moment when markets recover.”
Sanitation too looks like at the whale and shark activity centered around ETH, saying the entities with big pockets are gobbled up the largest altcoin at the most significant rate in two years.
Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl mix
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/TadashiArt