A widely followed trader who has remained bearish on crypto markets this year despite the bounce is getting more confident on his calls for lower prices for several altcoins.
The pseudonymous trader known as Capo tells his Telegram followers that when Bitcoin (BTC) breached the $25,000 level to the downside 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 coming in, and they never come alone. Expecting more bad news during this week, which should make price break the key support (range low, bottom dark zone in the chart). Below there, it could really be a free fall similar to FTT.
Same targets. I wouldn’t take profit on the first target, but I would take some profits on the main target if reached and leave part of the position open just in case.
Not financial advice.”
At time of writing, BNB is worth $242.
Turning to Ethereum (ETH), Capo says that the leading altcoin has already broken through a diagonal support level and is likely on its way down to much lower prices. The trader has a main price target somewhere between $650 and $550, or at least a 62% drop from current levels.
“ETH:
Main target: $550-650.”
At time of writing, Ethereum is trading for $1,732.
As for Ethereum scaling solution Polygon (MATIC), Capo says he’s looking for price targets as low as $0.04, which is a 93% plunge from current prices.
“MATIC update:
Short doing very well. Same as with BNB, adding several targets.”
At time of writing, MATIC is worth $0.60.
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