Analyst who nailed the May 2022 Bitcoin crash predicts a 50% drop for two large-cap crypto assets
A widely respected crypto analyst who predicted Bitcoin (BTC)’s May 2022 crash says two top 10 digital assets could soon face sharp price drops.
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.
Source: Capo/Twitter
The second largest crypto asset by market cap is changing hands for $1,218 at the time of writing, up 2.64% over the past 24 hours. A pullback on Capo’s price prediction would mean a drop of around 50% for ETH.
The strategist then turns his attention to Binance Coin (BNB), the native asset of Binance, the world’s largest crypto exchange by volume. Capo envisions the token falling into the $125-$135 range should BNB fall below $250 and confirming this as resistance.
BNB is currently valued at $308. A drop in price to the trader’s bearish target price would mean a nearly 60% correction for the crypto asset.
While Capo is bearish against Ethereum and BNB, well-known market research firm Santiment says crypto markets, including ETH, could rise as traders show signs of capitulation. The insights firm highlights that traders are currently bearish on crypto, which it says could create an atmosphere where markets could bounce.
“The word ‘dead’ was circulating quickly on crypto platforms in November. One of the more bearish sentiment words, this is a sign that traders are giving up on the markets recovery. Ironically, if markets recover, this capitulation will be historic.”
Santiment also takes a look at the whale and shark activity surrounding ETH and says the deep-pocketed companies are gobbling up the largest altcoin at the most significant rate in two years.
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