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Home»EXCHANGE NEWS»Crypto analysts predict a 99% plunge in BNB price to $2.
EXCHANGE NEWS

Crypto analysts predict a 99% plunge in BNB price to $2.

By Crypto FlexsDecember 23, 20234 Mins Read
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Crypto analysts predict a 99% plunge in BNB price to .
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BNB, the native token of the Binance exchange, has grown to become one of the largest cryptocurrencies in the world. At its current price of $260, its market capitalization exceeds $39 billion, making it the fourth-largest asset on the market. However, despite the notoriety that cryptocurrencies have gained during this period, one cryptocurrency analyst is still predicting a massive price crash that could shake the entire cryptocurrency market to its core.

BNB long-term distribution points may crash

In an initial analysis published on the TradingView website on Tuesday, December 19, cryptocurrency analyst Alan Santana noted that the BNB token was in a phase that “could be considered a long-term distribution phase.” In the chart he shared, he identifies this phase of distribution, which appears to have begun after the altcoin hit its all-time high of $670 in 2021.

While this points to weakness, it is the level at which Santana believes this bearish pressure could push prices back to 2018 lows. Additionally, the analyst explains that BNB price is still trading below the 200-day moving average (MA). This in itself is very bearish for the asset price, but you can’t send it 99% below the current price. However, he explains that this indicator can be devastating when combined with bad news about the exchange.

Source: Tradingview.com

It is no surprise that the Binance exchange has endured its fair share of issues with its trading with regulators. The exchange’s stablecoin issued by Paxos has had its minting halted following instructions from regulators. CEO Changpeng Zhao subsequently resigned after the exchange and the founder agreed to pay a $4 billion fine to the U.S. Securities and Exchange Commission (SEC).

The cryptocurrency analyst said that in these cases, chart points are lower, but it is impossible to pinpoint a specific endpoint. “It is impossible to say exactly whether the final target will be $11, $6, $2 or $0.10, and it is very difficult to predict the exact target, but the charts are pointing lower,” Santana said.

BNB price chart on Tradingview.com

Token price starts to recover | Source: BNBUSD on Tradingview.com

waiting for the best timing

Along with the indicators pointed out by the analyst, he made a follow-up post to add other factors that could cause a 99% crash in BNB price. Santana explained that the exchange’s next move will be ‘restructuring’, pointing to the management change that occurred about a month ago.

He said:

The company will be going through some “restructuring”, changes and improvements in its network, so most everything will be frozen… but don’t worry. The funds are SAFU.

However, Santana explains that this won’t just happen and that she will actually wait for the best time to perform this move. According to analysts, a pullback from the current rally would be the best time for them.

“So they will allow a market correction to occur following the SEC’s announcement in late December or early January 2024. Once the market bottoms or reaches a bottom, a ‘restructuring’ can begin,” Santana said. said: “This will freeze billions of customer funds and give institutions, large corporations and spot ETFs time to buy Bitcoin cheaply.”

Despite grim predictions that the cryptocurrency market could crash, cryptocurrency analysts believe this is a long-term positive. “Life will continue to evolve. Nature will choose who goes and who stays, and time will decide who is right and who is wrong,” Santana concluded.

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

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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