At the time of writing, the king of cryptocurrencies had dropped to $25,750, and boring days might be ahead once again. After a 10-day sideways movement, the price recovered from the SEC defeat on Tuesday but is now falling again. If we see another 10 days of sideways movement, it might be too much even for bear markets.
The Future of Binance Coin (BNB)
Expert analyst known as Bluntz has stated that there are strong sell signals in the BNB/BTC trading pair. If BNB experiences losses in the BTC pair while BTC is already falling, the consequences could be severe. A descending formation in an uptrend typically occurs when the price makes a series of peaks and troughs. At some point, the price that cannot make new highs erodes significantly.
“BNB Coin is still at the top of the priority list for short selling. The USD pair is still undergoing an A-B-C correction. BNB is sending serious sell signals in the long term.”
BNB Coin Price Target
An ABC correction, which is part of the Elliott Wave Theory, is a simple three-wave movement that occurs in the opposite direction of the trend. According to the analyst’s chart, we can see that BNB fell below $200 around September 2nd. The target for September 6th is at the $196 level. By the time this article was written, the BNB Coin price had already dropped to $212.
The analyst made the bearish prediction for BNB 8 months ago.
“I think the five-year upward trend in BNB/BTC has come to an end. From here, I believe it will drop at least 40-50% more. I really don’t know where this will take the BNB/USD price, but from now on, I will run away from this coin like running away from the plague. If you hold it, I wish you good luck.”
The analyst also issued a warning months ago that BNB could drop to $80. The analyst’s prediction at that time was that the $80-$100 range was highly probable and it could fall below $80. If Capo and Bluntz are proven right, Binance Coin (BNB) could suffer a fatal blow. To trigger such a massive loss, the US Department of Justice is expected to file stronger claims against the king of cryptocurrency exchanges than expected.
