An analyst known for his accurate Bitcoin (BTC) predictions predicts a 50% drop for the two altcoins. His predictions came at a time when the market had been quiet for a long time.
Bitcoin oracle Capo expects a drop in these 2 altcoins
Knowing the May 2022 Bitcoin crash, the analyst expects a 50% drop for the two major altcoins. The crypto analyst nicknamed Capo reported that he expects correction in Ethereum (ETH) to between $600 and $650. For this, follow the chart below.
Ethereum is currently trading just above $1,200. It has remained relatively stable over the last 24 hours. Compared to last week, it is progressing horizontally in terms of price. Capo says Ethereum could attract more selling amid the current lack of volume. According to the analyst, this could extend to the 50% correction.
Capo then checks out BNB Coin
Crypto analyst Binance’s token BNB is also on his radar. He said that if the exchange breaks below $250 for the token and identifies it as resistance, it will fall into the $125 to $135 range. For this, Capo follows the following technical formation:
BNB is currently trading at just over $300. It lost close to 30% in the middle of its events around FTX. The analyst predicts that the BNB price will drop by another 60% along with ETH and BTC. He bases this expectation on on-chain data from Santiment.
Bitcoin analyst says the crash will spread across the market
Santiment predicts that the entire market, including ETH, will rise as investors begin to capitulate, while Capo is down on Ethereum and BNB. The analytics firm reported that investors are currently pessimistic about cryptocurrencies. As a result, he says, this paves the way for an environment where markets can recover.
In November, the term “collapse” began to spread rapidly in the cryptocurrency market. This word, which is among the more bearish words, indicates that traders are losing hope for the market to recover. Ironically, markets typically recover after such a capitulation. Santiment also examines whale and shark activity focused on ETH, claiming that well-heeled organizations have consumed the largest altcoin the fastest in the past two years.
🐳🦈 #Ethereum's active shark & whale addresses continue accumulating with prices less than a quarter of their #AllTimeHigh levels a year ago. In Oct/Nov 2020, these 100 to 100k $ETH addresses assisted in pushing $ETH to a +50% price rise over 5 weeks. https://t.co/v8gh4RfV7z pic.twitter.com/Oe3lTo12uj
— Santiment (@santimentfeed) November 23, 2022
As you follow on Kriptokoin.com, Bitcoin is currently trading around $ 16,500. It’s been stable over the last 24 hours and last week. Meanwhile, total Bitcoin mining revenue in dollars – block rewards and transaction fees – fell to $11.67 million. This figure was last seen on November 2, 2020, when Bitcoin’s transaction price was around $13,500.
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