A widely followed crypto analyst who predicted the Bitcoin (BTC) crash in May 2022 says that Binance Coin (BNB) is on the verge of collapsing.
Pseudonymous crypto trader Capo tells his 697,100 Twitter followers that the giant crypto exchange’s native token BNB is likely to plummet by more than 80%.
“Adding the last part to the BNB short, average entry: $265. Main target remains $40-$45. This is a swing trade with very low leverage, not financial advice.”
Looking at Capo’s chart, he predicts BNB to first plummet to the $125 to $135 price level, followed by a collapse to the $40 to $45 price level heading into June.
At time of writing, BNB is changing hands at $258.
Capo also continues to predict that Bitcoin will soon dip this year by more than 28% from its current value to a low of $12,000, after trading sideways in the mid to high $16,000 range.
“$16,600, $16,800, $16,600, $16,800, $16,600, $16,800… And when you least expect it… $12,000.”
In looking at Capo’s chart, he predicts Bitcoin will dip to $12,000 and altcoins by 50% to 60% before the spring. Per his chart, once bottoming Bitcoin will likely rally to exceed $20,000 heading into May.
“A chart is worth a thousand words.”
He also says any near-term rally by Bitcoin will act as a bull trap, similar to the price action of 2022.
“It takes a tiny pump into resistance to turn everyone bullish again. This same bull trap has been happening during the entire 2022, yet people don’t learn. $12,000 is very likely.”
At time of writing, Bitcoin is changing hands at $16,856.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney