Famous analyst Crypto Capo, who has long been predicting a $12,000 drop for Bitcoin but recently abandoned this claim, has released an update on his Telegram page regarding BNB. The analyst warns investors that downward movements will continue for BNB.
Risks Ahead After BNB Price Increase
BNB finds itself once again bouncing off the lower boundary of its established range, laying the groundwork for a critical turning point in its short-term trajectory. However, Crypto Capo indicates a strong resistance level in the range of $250-$270 as he monitors potential movements. He carefully observes the next direction of the altcoin and provides insights.
In his short-term evaluation, the analyst presents two different scenarios. Firstly, he points to bearish continuity and suggests that if the $250 level cannot be broken, it could open the way for a downward movement. In this case, the analyst mentions that BNB could reach $220. Such a drop would mean a return to the point where BNB’s price started to rise.
Negative Situation for BNB: High Entry Point
The analyst offers comments on what will happen if the resistance level turns into support in his second scenario. He emphasizes that the descent towards $220 would be invalidated and advises taking profits at this stage. The analyst says, “If I were you, I would take profits.” According to the analyst, the average entry level for investors in BNB is still at $301.
Taking a broader perspective, the analyst points out that BNB has remained within a significant distribution range for over 1000 days. Ultimately, this long consolidation phase increases speculation about an ultimate collapse. As investors evaluate short-term scenarios, the question lingers as to whether the cryptocurrency BNB is prepared for a continuous downward trend following its prolonged distribution range. Let’s see if Crypto Capo will be proven right in the coming days.
