Saying that he expects a drop for this altcoin, “There are Terra-like movements!” Said!

Bitcoin (BTC) and altcoins After the decline experienced over the weekend, it started the new week with a slight decline.

While investors wonder whether the decline will continue, the pseudonymous analyst Smart Contracter, the world’s largest cryptocurrency exchange, in his post. Binance‘s token Binance Coin (BNB) examined.

BNB Stating that he predicts a big drop for BNB, the analyst said, (BNB/BTC) He said he thinks the counter uptrend is over.

“I think the five-year uptrend in BNB/BTC is over. In my opinion, BNB is at least 40-50% lower than these levels.”

The famous analyst said that he applies Elliott Wave theory, a technical analysis approach that tends to happen in waves in BNB analysis and tries to predict future price action by following crowd psychology.

BNB The graph shows that the BNB/BTC pair has completed five wave cycles of Wave theory and BNB is 0.007378. BTCHe stated that it looks poised for a reversal towards the 0.618 Fibonacci level ($123.33).

Moreover BNB/BTC chart collapsed in May Terra’s (LUNA) The cryptocurrency analyst stated that it is similar to the price action before the collapse, “I have the same feelings.” said.

Finally BNB/USD Looking at the pair, the analyst argued that BNB will experience a massive drop of over 66% after breaking the key cross support.

“By my estimations, the BNB/USD pair is going between $80-100.”

It has experienced a 12.22% drop in the last seven days. BNBIt is at $247 at the time of writing, up 0.05% in the last hour.

*Not investment advice.