Explaining that he expects a decrease in Bitcoin (BTC) price and the general market, the crypto money analyst stated that it is in a downward trend especially for two altcoins. Here are the details…
Bitcoin and altcoin analyst expects drop for AVAX
A popular cryptocurrency analyst and trader is bearish about two overlooked altcoins. Starting his analysis with smart contract platform Avalanche (AVAX), Crypto Capo tells his 695,000 Twitter followers that the altcoin could lose more than 70 percent of its value. He says that the current support level of around $10 will likely collapse. The analyst tweeted the following:
AVAX update: Reaching $10, which has been the main goal since May. As you can see, if you chart a broad timeframe, you’ll find that waiting is a critical element. Now, with the available data, the $10 support seems unlikely to hold. New main target: $3 – $5.
Avalanche is trading at $10.70 at the time of writing. cryptocoin.comAs we reported, it fell more than 92 percent from its all-time high in November last year.
There is a sales prospect for Cronos
Next up is the cryptocurrency Cronos (CRO), designed to power the Crypto.com payment, trading and financial services platform. According to Capo, Cronos is not looking well technically and could witness another major selling event if it clears the support area around $0.052. The analyst uses the following statements:
CRO update: Main goal achieved again with a big AMA: Once it breaks the support level, it can move even harder. If that happens, it wouldn’t surprise me if it dumps 70 percent or more. It looks bad.
Cronos is trading at $0.055 at the time of writing. A 70 percent devaluation for the CRO could take the altcoin to a fresh bear market low of $0.015.
Analyst’s previous forecasts
As we have previously reported, Crypto Capo has been one of the prominent analysts with its accurate predictions. For this reason, the analyst’s predictions for other assets are followed by a wide audience. Primarily, Crypto Capo was noted for knowing about this year’s Bitcoin crash. He also predicted that in 2021 BTC will drop to $50,000. Apart from that, he correctly predicted the $3,500 drop in the biggest crypto in 2019.
Still, it’s worth noting that the cryptocurrency space is highly volatile. So, it wouldn’t surprise anyone if the price of the coins, which the analyst expects to collapse, will rise in the coming days. Likewise, a hard fall for a coin that is expected to rise is considered normal in the cryptocurrency space. For this reason, every investor should make his investment in line with his own research.