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.”
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.”
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.”
At the time of writing, ATOM is trading at $9.89.
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Feature Image: Shutterstock/Dolan Mbengi