Top Crypto Trader Warns Polygon, Binance Coin and One Ethereum Rival Risk Crashing if Bitcoin Dumps

A broadly adopted crypto analyst is warning {that a} Bitcoin (BTC) dump would possible trigger the worth crash of Polygon (MATIC), Binance Coin (BNB) and Cosmos (ATOM).

The pseudonymous analyst Altcoin Sherpa tells his 187,300 Twitter followers that he thinks Bitcoin is due for an additional dump to the worth vary of $10,000 to $14,000, probably dragging down some layer-1 altcoins.

At time of writing, Bitcoin is altering palms at $16,636.

Altcoin Sherpa says he’s specializing in these layer-1 blockchain initiatives due to their worth seize potential.

He first looks at BNB, the token of Binance’s crypto alternate. If Bitcoin’s value holds up, he says BNB would possible reclaim its $300 value vary. But when Bitcoin dumps, he says BNB will lose help within the $200 value vary.

“BNB: This could return to the $300s if BTC holds up. If BTC dumps huge, purchase at $150.”

At time of writing, BNB is buying and selling palms at $270.

He subsequent seems at Ethereum (ETH)-scaling platform MATIC, saying the altcoin has proven power with enterprise partnerships and up to date rallies. However he predicts with a Bitcoin dump, MATIC might even see a greater than 40% decline.

“MATIC: has nice BD (enterprise and growth) and partnerships, this already went just a few occasions from the underside and nonetheless needs to be OK. BTC dumps huge, purchase at $0.50 once more.”

At time of writing, MATIC is buying and selling palms at $0.88.

Turning his deal with the Ethereum rival ATOM, he says it might drop to the $5 vary if Bitcoin drops to the $10,000 to $14,000 value vary. ATOM had misplaced bull help across the $16 value degree in September and once more earlier this month within the $15 vary.

“ATOM: BTC dumps, purchase within the $5s.”

At time of writing, ATOM is buying and selling palms at $9.89.

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Function Picture: Shutterstock/Dolan Mbengi