Crypto Analyst Predicts Massive 99% BNB Price Crash To $2

BNB, the native token of the Binance Alternate, has grown to turn into one of many largest cryptocurrencies on this planet. Its present worth of $260 places its market cap above $39 billion, making it the fourth-largest asset available in the market. Nevertheless, regardless of the notoriety that the cryptocurrency has gained throughout this time, one crypto analyst nonetheless expects an enormous worth crash, one that might shake the complete crypto market to its very core.

BNB Lengthy-Time period Distribution Factors To Crash

Within the initial analysis that was posted to the TradingView web site on Tuesday, December 19, crypto analyst Alan Santana identified that the BNB token had been in what “will be thought of a long-term distribution part.” He identifies this distribution part on the chart shared which appears to be like to have begun after the altcoin hit its $670 all-time excessive worth in 2021.

Whereas that is identified to be bearish, the degrees at which Santana believes this bearish stress may take the worth again to 2018 lows. Along with this, the analyst explains that the BNB worth continues to be buying and selling beneath its 200-day Transferring Common (MA). This, in itself, could be very bearish for the asset’s worth, however can’t ship it 99% beneath its present worth. Nevertheless, he explains that this metric coupled with dangerous information in regards to the alternate might be devastating.

Supply: Tradingview.com

It’s no shock that the Binance Alternate has endured its justifiable share of issues with regards to coping with regulators. The alternate’s stablecoin which was issued by Paxos halted minting following directions from regulators. Later, CEO Changpeng Zhao stepped down after the alternate and the founder agreed to pay $4 billion in fines to the US Securities and Alternate Fee (SEC).

The crypto analyst said that the chart factors decrease in such a case however pinpointing a specific endpoint is not possible. “It’s not possible to say precisely if the ultimate goal shall be $11, $6, $2 or $0.10, it is vitally onerous to foretell a precise goal however, the chart is pointing decrease,” Santana mentioned.

Token worth begins to get better | Supply: BNBUSD on Tradingview.com

Ready For The Finest Timing

Coupled with the indications that the analyst has identified, he made follow-up posts so as to add different elements that might set off a 99% crash within the BNB worth. Pointing to the change in administration that occurred round a month in the past, Santana explains that the subsequent transfer by the alternate could be known as “restructuring.”

He said:

The corporate will endure some “restructuring”, modifications and enhancements within the company community and thus every part most be frozen… Don’t fear although, the funds are SAFU.

Nevertheless, Santana explains that this won’t simply occur and that they might look forward to the most effective time to really perform this transfer. In line with the analyst, a drawdown from the present rally could be the most effective time for them.

“So they might let the market correction play out after the SECs announcement late December or early January 2024. As soon as the market is about to backside or hits backside, then the ‘restructuring’ can begin,” Santana mentioned. “This might freeze billions of shoppers funds and permit time for the establishments, the large gamers, the Spot ETFs to purchase Bitcoin low.”

Regardless of the grim prediction that might crumble the crypto market if it occurred, the crypto analyst believes that that is optimistic in the long run. “Life will proceed to evolve, nature will decide who leaves and who stays, and time will resolve who was proper and who’s improper,” Santana concluded.

Featured picture from Portal do Bitcoin, chart from Tradingview.com

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