The pseudonymous analyst Altcoin Sherpa tells his 187,300 Twitter followers that he thinks Bitcoin is due for another dump to the price range of $10,000 to $14,000, potentially dragging down some layer-1 altcoins.
At time of writing, Bitcoin is changing hands at $16,636.
He first looks at BNB, the token of Binance’s crypto exchange. If Bitcoin’s price holds up, he says BNB would likely reclaim its $300 price range. But if Bitcoin dumps, he says BNB will lose support in the $200 price range.
“BNB: This should go back to the $300s if BTC holds up. If BTC dumps big, buy at $150.”
At time of writing, BNB is trading hands at $270.
He next looks at Ethereum (ETH)-scaling platform MATIC, saying the altcoin has shown strength with business partnerships and recent rallies. But he predicts with a Bitcoin dump, MATIC may see a more than 40% decline.
“MATIC: has great BD (business and development) and partnerships, this already went a few times from the bottom and still should be OK. BTC dumps big, buy at $0.50 again.”
At time of writing, MATIC is trading hands at $0.88.
Turning his focus on the Ethereum rival ATOM, he says it could drop to the $5 range if Bitcoin drops to the $10,000 to $14,000 price range. ATOM had lost bull support around the $16 price level in September and again earlier this month in the $15 range.
“ATOM: BTC dumps, buy in the $5s.”
At time of writing, ATOM is trading hands at $9.89.
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