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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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.
Adding the last part to the $BNB short, avg. entry: $265
Main target remains $40-45
This is a swing trade with very low leverage, not financial advice. https://t.co/qzp6OEoVnf
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.
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.
16600, 16800, 16600, 16800, 16600, 16800…
And when you least expect it…
12k
A chart is worth a thousand words. pic.twitter.com/bZ2TKpnLFs
It has been said that “a chart is worth a thousand words.”
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.
