A much-followed trader who has remained bearish in crypto markets despite the uptick this year is growing confident in his calls for lower prices for several altcoins.
The pseudonymous merchant known as Capo tells are Telegram followers that when Bitcoin (BTC) broke the $25,000 level last week, it was the beginning of a capitulation to much lower levels.
Looking at Binance Coin (BNB), Capo has a main target of around $40, which is about an 83% drop from current prices.
“BNB Update:
Bad news comes in and they never come alone. Expect more bad news this week, which should see price break the main support (range low, lower dark zone on the chart). Below that, it really could be a free fall, similar to FTT.
Same goals. I wouldn’t take a profit on the first target, but I would take some profit on the main target if it is reached and leave part of the position open just in case.
No financial advice.”
At the time of writing, BNB is worth $242.
As for Ethereum (ETH), Capo says the leading altcoin has already broken a diagonal support level and is likely heading for much lower prices. The trader has a main price target somewhere between $650 and $550, or a drop of at least 62% from current levels.
“ETH:
Main target: $550-650.
At the time of writing, Ethereum is trading at USD 1,732.
As for Ethereum scaling solution Polygon (MATIC), Capo says he is looking for price targets from $0.04, which is a 93% drop from current prices.
“MATIC Update:
Short is doing very well. Same as with BNB, with the addition of different targets.”
At the time of writing, MATIC is worth $0.60.
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