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A widely followed crypto analyst has warned that a crash in Bitcoin (BTC) is likely to trigger price crashes in Polygon (MATIC), Binance Coin (BNB) and Cosmos (ATOM).
Pseudonym Analyst Altcoin Sherpa To tell His 187,300 Twitter followers believe that Bitcoin has fallen back into the $10,000 to $14,000 price range, potentially driving down some layer 1 altcoins.
At the time of writing, Bitcoin is trading at $16,636.
Altcoin Sherpa To tell He focuses on these layer 1 blockchain projects because of their potential to capture value.
he first appear On BNB, the token of the Binance cryptocurrency exchange. If Bitcoin’s price holds up, BNB is likely to recapture the $300 price point, he says. But if Bitcoin crashes, BNB will lose support at the $200 price point, he says.
BNB: If BTC holds up, this should return to the $300 range. If BTC falls significantly, buy at $150.
At the time of writing, BNB is trading at $270.
He next turned to Ethereum (ETH) scaling platform MATIC, saying altcoins have shown strength in business partnerships and recent rallies. We anticipate that it may fall further.
MATIC: We have great BD (business and development) and partnerships.This has already been done a few times from the bottom, but it should still be fine. BTC fell big, buy again at $0.50 .”
As of this writing, MATIC is trading at $0.88.
Looking to Ethereum rival ATOM, he said that if Bitcoin falls to the $10,000 to $14,000 price range, it could drop to the $5 range. ATOM saw him fall out of bullish support near $16 in September and earlier this month he fell out of support again in the $15s.
ATOM: BTC Drops, Buy at $5.
At the time of writing, ATOM is trading at $9.89.
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Feature image: Shutterstock/Dolan Mbengi
