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The anonymous crypto analyst known as ‘Jack’, who is closely followed, predicts a swift upward surge for Binance Coin (BNB), the native service token of the giant crypto exchange Binance. The analyst adds that this movement will most likely be triggered by bears trading with the expectation that the service token will continue to fall.
Prediction of Over 50% Collapse for BNB
Anonymous crypto analyst Jack states that BNB, which is trading at a point close to the $230 support, is likely to make a leap. According to the analyst, the bears are piled up on the fourth largest altcoin by market value, and this accumulation will likely serve as fuel for a short squeeze:
Short squeezes seen after the supply zone in the low range cannot be crossed have been opportunities to take positions so far, and shorting the low range puts you at risk of a short squeeze. With the premium payment of the shorts, a lot of open interest accumulated overnight. The possibility of a short squeeze is increasing.
The short squeeze that the analyst draws attention to implies that investors who borrow a certain asset at a certain price in hopes of profiting from the difference by selling it at a lower price, are forced to return the borrowed assets as the momentum moves against them, triggering further rallies.
Looking at the price chart shared by Jack, it can be seen that he predicts that the Binance Coin will rise to $250 before pulling back to $230. The chart also shows that the BNB price will likely trigger several bounces at the support level before sharply falling by July 17.
The analyst adds that BNB is gearing up for a major crash towards the $120 level as it faces multiple issues worldwide. Given the regulatory pressure on Binance, the fact that more and more western countries are delisting it, changes in rewards and card advantages, and/or it being halted in a group of countries, legal costs and other things, how realistic does this sound to you?
BNB, which is trading at $236 at the time this article was prepared, indicates a potential drop of approximately 50% if it reaches Jack’s downward target.
According to the Analyst, Solana (SOL) May Be on the Verge of Collapse
Jack is also closely following Solana (SOL), often described as the biggest rival of Ethereum (ETH). According to the analyst, the Solana/Bitcoin pair (SOL/BTC) will likely make a correction after reaching the 0.0006936 BTC ($21.06) resistance:
I think SOL and BTC need to pull back a bit towards green here. It needs to retest this area to see whether the much-talked-about DeFi (Decentralized Finance) season really started or not.
According to the chart shared by the analyst, the SOL/BTC pair could fall to the cross support around 0.00056 BTC ($17) and either bounce there or continue its fall to $11.71, or 0.0003858 BTC.
