Bearish Guru Anticipates Altcoin Bloodbath
Despite the recent rebound, an influential trader who has maintained a bearish stance on the cryptocurrency markets this year is becoming more confident in his predictions of lower prices for several altcoins.
The trader, known as Capo, shares updates with his followers on Telegram. When Bitcoin (BTC) recently dropped below $25,000, Capo interpreted it as the beginning of a significant decline to even lower levels.
Capo’s analysis focuses on Binance Coin (BNB), with a main target of around $40, representing a substantial 83% drop from its current value.
Regarding BNB, Capo anticipates negative news in the coming week that could break the key support level, potentially leading to a significant decline comparable to FTT. The trader advises considering profit-taking if the main target is reached while leaving a portion of the position open.
Moving on to Ethereum (ETH), Capo believes that it has already broken through a diagonal support level, signaling a probable continuation of its downward trajectory toward significantly lower prices. The trader’s main price target for ETH ranges from $650 to $550, reflecting a minimum drop of 62% from its current levels.
READ MORE: Bitcoin’s Resilience Amidst Uncertainty: A Potential Turnaround on the Horizon
As for Ethereum scaling solution Polygon (MATIC), Capo predicts price targets as low as $0.04, suggesting a substantial 93% plunge from its current value.
Capo’s observations reflect a bearish outlook on the altcoin market, emphasizing the potential for further price declines in Binance Coin, Ethereum, and Polygon.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
