Crypto Capo, known as the Bitcoin bear in the world of cryptocurrency, issued a significant warning for an altcoin to his followers on his Telegram page today. The altcoin that the analyst warned about is BNB, the token of the cryptocurrency exchange Binance. The analyst predicts more decline for the altcoin.
BNB/BTC Analysis: Bearish Trends Indicate Potential Decline
Crypto Capo, the Bitcoin bear, warned his followers that the downward trend for BNB continues. According to the analyst, in the dynamic world of cryptocurrency trading, a bearish trend has emerged that signals potential downward movements on the BNB/BTC pair.
According to the analyst Crypto Capo, a significant event occurred with the break of an important support level in the first chart published a month ago. As we move rapidly towards the present day, the second chart update paints a concerning picture.
According to the analyst, after the break of support, the market tested the level that turned into resistance again by forming a significant hammer formation before reaching a new low.
Dangerous Phase for BNB
As technical indicators become more aligned with the bearish trend, expectations increase that the BNB/BTC chart could witness further decline. The hammer formation, traditionally considered a reversal signal, contributes to the bearish narrative, indicating that the cryptocurrency pair could experience more significant losses in the near future.
Capo’s approach to the cryptocurrency BNB has been known for a long time. Especially with the lawsuit filed against Binance, the analyst had previously indicated that BNB would experience significant declines. Capo also shared with his followers that he took a short position for BNB.
According to Capo, BNB received a strong rejection from the resistance zone. Now, the cryptocurrency could move towards below $220. The analyst emphasized that he is happy with his position and highlighted that the largest short position he has ever taken in his life is on BNB. Capo expects a decline of up to $40 for the cryptocurrency BNB.
Capo is an analyst who was expecting $12,000 for Bitcoin. However, when Bitcoin surpassed $30,000, he announced that he gave up on this claim. The analyst’s new BTC predictions include levels around $30,000.