Markets have turned bearish at the moment with the top assets plunging displaying a notable bearish trend. While Bitcoin price is scuffling to remain above $16,000, bears appear to be pre-determined to drag them lower. In the meantime, a popular analyst believes that the 2 large cap altcoins, Ethereum & Binance Coin are poised to drop by nearly 50% shortly.
A well-known analyst, anonymously called il Capo of Crypto has been bearish on the crypto space for nearly a quarter now and believes the tokens are yet to mark their lows. Now while the top crypto assets are closer to facing a rejection, he claims ETH price to plunge by more than 50% to reach levels between $600 to $650.
The ETH price which is currently trading at around $1169 at the moment has experienced a drop of nearly 3.63% in the past 24 hours. The price has been holding the lower support at $1100 during the bearish trend and has been able to rebound firmly. If in case, the asset fails to hold this crucial support, Capo believes the price to drop by nearly 50% by the end of 2022.
Furthermore, the analyst sheds some light on the Binance Coin price which is also manifesting a similar price action. The BNB price at the moment is trading around $294.84 with a drop of 5.8% in the past 24 hours. The analyst believes the token may fail to surpass $300 and could drop below the pivotal zone around $280. This may further trigger a huge downfall towards the levels of $125 to $135.
Overall, the analyst continues to remain bearish for the top cryptos and believes the price may get ‘hammered’ anytime from now. Hence, with a minor bearish divergence, Ethereum (ETH) price and Binance Coin(BNB) may soon mark new lows in 2022.