Altcoins

Bitcoin Price Might Drop To $12K, While BNB Price Poised To Crash 80%

Despite the cryptocurrency market’s strong recovery and a recent spike in BNB purchases, one analyst is predicting that Binance Coin (BNB) will crash. 

Capo, a crypto trader with 697,100 Twitter followers, forecasts a drop of more than 80% in the value of BNB. This comes despite news of Binance launching Cristiano Ronaldo’s NFT collection and acquiring a South Korean exchange, which some might see as bullish indicators.

Make-or-Break For Binance Coin

After adding the final piece to the BNB short, the typical entry is now $265. The range of $40–$45 continues to be the primary aim. 

This is not financial advice; rather, it is a panic trade with very little leverage.

According to Capo’s analysis of the BNB price chart, the cryptocurrency will first fall to the $125–$135 range, and then to the $40–$45 range by the end of June.

The current market price of BNB is $258.

Bitcoin Price To Drop 28%

After trading sideways in the area of mid to high $16,000, Capo continues to forecast that Bitcoin’s value would shortly drop by more than 28% from its current level to a low of $12,000. 

  • Overall, Bitcoin has been trading sideways in the mid to high $16,000 level prior to this. $16,600, $16,800, $16,600, $16,800, $16,600, $16,800. To the tune of $12,000 when you least expect it.
  • After examining the chart, he concluded that before the spring, the price of Bitcoin will fall to $12,000 and the price of altcoins would fall by around 50-60%. 
  • Hence, according to his analysis, once the price of bitcoin has bottomed out, there is a good chance that it will surge to above $20,000 around May 2023.

It has been said that “a chart is worth a thousand words.”

Investors heed the warning

He further argues that any future Bitcoin price appreciation will be a “bull trap,” analogous to the market behavior in 2022.

A small infusion into resistance is all that’s needed to restore confidence. Throughout all of 2022, this identical hoax has been played on countless unsuspecting victims. The likelihood of spending $12,000 is high.

Bitcoin is trading at $16,856 at the time of this writing.

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