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 alternate.
Pseudonymous analyst Sensible Contracter tells his 216,900 Twitter followers that he thinks the multi-year uptrend of Binance Coin in opposition to 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 idea, a technical evaluation method that makes an attempt to foretell future value motion by following crowd psychology which tends to manifest in waves. Trying 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 stage at 0.007378 BTC ($123.33).
At time of writing, BNB/BTC is altering palms for 0.014369 BTC ($240.19).
In keeping with the crypto strategist, the chart of BNB/BTC seems to be much like the value motion of Terra (LUNA) previous to its implosion in Might.
“Similar vibes.”
BNB in opposition to the US greenback, the crypto analyst predicts an enormous devaluation of over 66% for Binance Coin after it broke key diagonal help.
“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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