Crypto Analyst Predicts Massive 99% BNB Price Crash To $2
22 Dicembre 2023 - 11:30PM
NEWSBTC
BNB, the native token of the Binance Exchange, has grown to become
one of the largest cryptocurrencies in the world. Its current price
of $260 puts its market cap above $39 billion, making it the
fourth-largest asset in the market. However, despite the notoriety
that the cryptocurrency has gained during this time, one crypto
analyst still expects a massive price crash, one that could shake
the entire crypto market to its very core. BNB Long-Term
Distribution Points To Crash In the initial analysis that was
posted to the TradingView website on Tuesday, December 19, crypto
analyst Alan Santana pointed out that the BNB token had been in
what “can be considered a long-term distribution phase.” He
identifies this distribution phase on the chart shared which looks
to have begun after the altcoin hit its $670 all-time high price in
2021. Related Reading: Solana Flips BNB To Become 4th-Largest
Crypto, Is Ethereum Next While this is pointed out to be bearish,
the levels at which Santana believes this bearish pressure could
take the price back to 2018 lows. In addition to this, the analyst
explains that the BNB price is still trading below its 200-day
Moving Average (MA). This, in itself, is very bearish for the
asset’s price, but cannot send it 99% below its current price.
However, he explains that this metric coupled with bad news about
the exchange could be devastating. Source: Tradingview.com It is no
surprise that the Binance Exchange has endured its fair share of
problems when it comes to dealing with regulators. The exchange’s
stablecoin which was issued by Paxos halted minting following
instructions from regulators. Later, CEO Changpeng Zhao stepped
down after the exchange and the founder agreed to pay $4 billion in
fines to the US Securities and Exchange Commission (SEC). The
crypto analyst stated that the chart points lower in such a case
but pinpointing a particular endpoint is impossible. “It is
impossible to say exactly if the final target will be $11, $6, $2
or $0.10, it is very hard to predict an exact target but, the chart
is pointing lower,” Santana said. Token price starts to recover |
Source: BNBUSD on Tradingview.com Waiting For The Best Timing
Coupled with the indicators that the analyst has pointed out, he
made follow-up posts to add other factors that could trigger a 99%
crash in the BNB price. Pointing to the change in management that
happened around a month ago, Santana explains that the next move by
the exchange would be called “restructuring.” He stated: The
company will undergo some “restructuring”, changes and improvements
in the corporate network and thus everything most be frozen… Don’t
worry though, the funds are SAFU. Related Reading: Solana Headed To
$100? Here’s What’s Driving The Growth However, Santana explains
that this will not just happen and that they would wait for the
best time to actually carry out this move. According to the
analyst, a drawdown from the current rally would be the best time
for them. “So they would let the market correction play out after
the SECs announcement late December or early January 2024. Once the
market is about to bottom or hits bottom, then the ‘restructuring’
can start,” Santana said. “This would freeze billions of customers
funds and allow time for the institutions, the big players, the
Spot ETFs to buy Bitcoin low.” Despite the grim prediction that
could crumble the crypto market if it happened, the crypto analyst
believes that this is positive in the long term. “Life will
continue to evolve, nature will pick who leaves and who stays, and
time will decide who was right and who is wrong,” Santana
concluded. Featured image from Portal do Bitcoin, chart from
Tradingview.com
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