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Leading Crypto Trader Warns Polygon, Binance Coin And One Ethereum Competitor Risk Crash If Bitcoin Drops

Leading Crypto Trader Warns Polygon, Binance Coin And One Ethereum Competitor Risk Crash If Bitcoin Drops

A well-known crypto analyst warns that a bitcoin (BTC) dump is likely to cause a collapse in the prices of Polygon (MATIC), Binance Coin (BNB) and Cosmos (ATOM).

Pseudonymous Altcoin Sherpa Analyst tells his 187,300 Twitter followers, which he thinks Bitcoin should make another reset to the $10,000 to $14,000 price range, which could push some Tier 1 altcoins down.

At the time of writing, Bitcoin is changing hands at $16,636.

Altcoin Sherpa He speaks he focuses on these tier 1 blockchain projects because of their potential for generating value.

He is the first looks in BNB, the token of the Binance crypto exchange. If the price of Bitcoin holds, he said, BNB will likely regain its $300 price range. But if Bitcoin drops, he says BNB will lose support in the $200 price range.

“BNB: This should go back to $300 if BTC holds. If BTC drops a lot, buy at $150.”

Source: Altcoin Sherpa

At the time of writing, BNB is trading at $270.

He then reviews the MATIC platform for scaling Ethereum (ETH), saying that the altcoin has shown strength thanks to business partnerships and recent rallies. But he predicts that with the bitcoin dump, MATIC could see a decline of more than 40%.

“MATIC: It has great BD (Business and Development) and partnerships, it’s been down a few times already and should still be fine. BTC drops hard, buy again at $0.50.”

Source: Altcoin Sherpa

At the time of writing, MATIC is trading at $0.88.

Pointing to Ethereum competitor ATOM, he says the price could drop to $5 if Bitcoin drops to the $10,000 to $14,000 price range. ATOM lost bullish support at $16 in September and again earlier this month in the $15 range.

“ATOM: BTC resets, buy at $5.”

Source: Altcoin Sherpa

At the time of writing, ATOM is trading at $9.89.

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Disclaimer: Opinions expressed in The Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making any risky investment in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Feature Image: Shutterstock/Dolan Mbengi

Written by khirou

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