A widely-followed crypto analyst is predicting that Bitcoin (BTC) is about to be squeezed and subsequently nuked.
Pseudonymous analyst Capo explains his reasons to his 501,600 Twitter followers with a new chart suggesting BTC could soon fall to sub-$16,000 levels.
“BTC reasoning:
Shorts have been aping hard, especially below the upper dark zone ($20,700-$20,800). Most of them are expecting $19,000, which has been front run. Stops are sitting above the previous high of $21,800. So liquidity is between $21,800-$23,000.
Squeeze the shorts, then nuke it.”
BTC is going for $19,788 at time of writing.
Looking at leading smart contract platform Ethereum (ETH), the trader apparently foresees much of the same fate.
According to the crypto analyst’s chart, he thinks ETH’s value will rise slightly this month before crashing hard into October and November. With ETH currently trading for $1,532, Capo predicts Ethereum could drop by approximately 58% to $650 before the correction finishes.
Capo then looks at Binance Coin (BNB), the fifth largest crypto by market cap. Again, just like BTC and ETH, the pseudonymous trader predicts a steep and precipitous decline for BNB before any sign of a turnaround.
With BNB trading for $276 at time of writing, Capo’s chart seems to indicate a fall to at least $193, a potential 30% decrease in value for the Binance token.
Featured Image: Shutterstock/GrandeDuc/Nikelser Kate
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