A crypto analyst who foreshadowed the Bitcoin crash of 2022, expects more losses of BNB and 5 coins.
Capo takes a position against BNB and 5 coins
In his latest analysis, Capo shared that he expects a new wave of correction in the altcoin market. In addition to major cryptocurrencies such as Bitcoin and Binance Coin (BNB), the following 5 altcoins are also in decline:
- Ethereum Classic (ETC): ETC price drop is predicted due to network security concerns and transaction speed difficulties.
- Polkadot (DOT): Despite its well-developed ecosystem, DOT may have a tough time due to the overall market decline.
- Litecoin (LTC): Litecoin is facing some technical challenges despite the growing demand for competitive payment networks.
- Cardano (ADA): Despite high expectations, Cardano expects a decrease in its price in the coming period.
- VeChain (VET): VET based on LEDger ledger technology bears a bearish risk depending on market conditions.
Capo prefers to take a short position on these 5 altcoins. In the analysis he shared, Telegram shared that he reserved 40% of his portfolio for short positions. The analyst says that we can see serious losses, especially in the BNB price. He attributes this to the latest developments around Binance.
The seer of collapse sees FTX destiny for Binance
Capo also likened Binance CEO CZ’s recent posts to those of FTX founder SBF. The analyst predicts a similar drop in Binance Coin (BNB) and the other altcoins listed above. According to Capo, the shares of CZ and SBF serve as a warning about the expected decline in the value of the cryptocurrencies in question. As a result, Capo tells 66,325 Telegram subscribers that his biggest open interest is with Binance Coin (BNB).
HTF (high time frame) and LTF (low time frame) charts. Very bearish PA (price action). I expect bad news soon, it’s only a matter of time. This is my biggest open position.
In his technical analysis, Capo uses Elliot Wave theory to indicate that BNB has exited an upside channel and entered a downtrend. The analyst has set the initial BNB price target to the downside, at $125. This represents a more than 48% decrease from the $241 value at the time of writing. Also on Capo’s radar is Ethereum (ETH) rival Solana (SOL). He says SOL will likely drop to $25.36 after Solana fails to hold $30 as support.
Bitcoin shows signs of weakness
Finally, Capo says that a Wyckoff distribution chart has been playing out for Bitcoin, indicating the formation of a sign of weakness (SOW) and an imminent breakout to the downside. The Wyckoff method is a type of technical analysis that aims to determine whether whales are accumulating or selling. The accumulation model highlights a period in which institutional investors controlled the price in an effort to buy at discounted prices. Moreover, cryptocoin.comAs you follow, today 21,000 Bitcoin options contracts will expire.
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For the continuation of the article, I’m Shorting BNB and 5 Coins: The Legend Predicting Collapses!