Cryptocurrency analyst il Capo turned his attention to two popular assets in the altcoin world, Solana (SOL) and Binance Coin (BNB), and offered insights into their potential future movements. Il Capo, known for its decline predictions, predicts that there will be important developments in the coming weeks. Here are the details…
Retracement expectation in altcoin projects BNB and SOL
Known for its bearish sentiment, Il Capo expects BNB to once again test the resistance zone between $330 and $350. Following this test, it predicts a potential downtrend, indicating a shift in market sentiment. Although its current price is $305, BNB could not keep up with other altcoins even if Bitcoin surpassed $47,000 after a long time. The analyst predicts a decline in BNB price following the expected resistance test. Although BNB is currently trading at $305 with no significant change in the last hour, il Capo’s analysis raises concerns about the coin’s performance against the bullish momentum of other cryptocurrencies.
Turning his attention to Solana, il Capo evaluates the current situation of SOL, which recently traded at $101, above $120. The analyst predicts a potential rise to around $129-130 in the near future, followed by a descending wave, followed by a drop to the $48-50 range. Il Capo’s prediction is due to the volatility of the cryptocurrency market and highlights that the SOL price dropped to $8 during the FTX crisis. Notably, FTX’s new management still holds a significant amount of SOL, which adds an additional layer of complexity to the asset’s future movements.
Bitcoin and Ethereum predictions
In other news, Capo told 83,873 Telegram subscribers that the possible approval of a spot Bitcoin exchange-traded fund (ETF) this week would spark a short-lived rally for Bitcoin and other crypto assets. The analyst said, “Whales are showing strong interest in the $48,000-$50,000 level. News can trigger volatility and leave large wicks. So a pump to this level followed by a major rejection is a likely scenario.” said. The trader shares a chart predicting Bitcoin’s price movement “for the next few days.”
Looking at his chart, the trader suggests that Bitcoin will rise to $51,000 on news that the spot market Bitcoin ETF has been approved. Following the rise, he suggests Bitcoin will likely drop to $30,000-31,000 levels as whales “sell the news.” The trader also predicts Ethereum to rise as high as $2,600 before correcting. He also expects other altcoins to undergo a major correction after a short upward move. The analyst said:
We have an interesting week ahead of us. ETF news should be published soon. As announced these days, I wait for the market to pump first. BTC to $48,000-50,000, ETH to $2,500-2,600. Altcoins need to pump more, especially the lower caps. After this process, which should last several days, the market should reach a very important local peak. That’s when I will start opening short positions, targeting new lows.
$12,000 target still exists
Looking further ahead, the trader continues his long-standing prediction that Bitcoin will eventually drop to the $12,000 level, and his chart suggests this will happen around April. At the time of writing, Bitcoin is trading at $46,776, up 7% in the last 24 hours. Meanwhile, Ethereum is trading at $2,314 at the time of writing, up 4.7% in the last 24 hours.
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