An analyst who nailed Bitcoin’s (BTC) 2018 backside is predicting an epic collapse for Binance Coin (BNB), the utility token of the world’s largest crypto trade.
Pseudonymous analyst Sensible Contracter tells his 216,900 Twitter followers that he thinks the multi-year uptrend of Binance Coin towards Bitcoin (BNB/BTC) has reached its conclusion.
“I believe the five-year uptrend in BNB/BTC has come to an finish. In my view, it comes down at minimal one other 40-50% from right here.”
Sensible Contracter depends on Elliott Wave concept, a technical evaluation method that makes an attempt to foretell future value motion by following crowd psychology which tends to manifest in waves. Wanting on the analyst’s chart, it seems that BNB/BTC has accomplished the speculation’s five-wave cycle and appears poised for a reversal towards the 0.618 Fibonacci degree at 0.007378 BTC ($123.33).
At time of writing, BNB/BTC is altering arms for 0.014369 BTC ($240.19).
In response to the crypto strategist, the chart of BNB/BTC seems just like the worth motion of Terra (LUNA) previous to its implosion in Might.
BNB towards the US greenback, the crypto analyst predicts a large devaluation of over 66% for Binance Coin after it broke key diagonal assist.
“If I needed to guess, USD pair is heading to between $80-$100.”
At time of writing, BNB is buying and selling at $240, up over 5% within the final 24 hours.
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