A widely followed crypto analyst says the trend will reverse for a Binance-backed altcoin. Keeping in mind that estimates are not exact, let’s take a look at what Jason Pizzino had to say in his latest YouTube post.
Jason Pizzino expects ‘multi-year’ drop for Binance-backed altcoin
According to the popular analyst, the token of the world’s largest crypto exchange BNB Coin (BNB) is reversing its trend on the Bitcoin (BTC) chart. Pizzino reports that Binance Coin (BNB/BTC) has peaked after nearly two years of bull run. The upcoming reversal marks a multi-year downtrend for BNB/BTC, according to Pizzino. In part of the video, the analyst says:
We started our first big month bearish for a potential top in BNB/BTC here. This could take up to two years from that point.
BNB/BTC is currently trading at 0.013784 BTC ($230). According to the analyst, BNB has been showing clear bullish and bearish trends against BTC since 2017. Pizzino interprets the historical data as follows:
From July 2017, it showed bullish and bearish trends from the 21st month to the peak in April 2019. We know that Bitcoin has peaked around June 2019 from this point forward. While Bitcoin was also rising after that macro low, after this low cycle, this was recovering. BNB then fell against BTC for 21 months, falling until January 2021. It has since reached its highest level in November 2022. So no one can argue that this is not a clear 21 to 22 month bull and bear trend.
Jason Pizzino predicts the decline will last until this date
The crypto analyst predicts that if the BNB/BTC pair continues to repeat this cycle, the downtrend will continue until the third quarter of 2024. Detail noted the following as the bottom date:
If the cycle repeats, we have 22 months or 21 months to get us to August 2024. If we want to go out during these 22 months, then it will be around September 2024. Therefore, around August or September of 2024, the BNB/BTC chart may find a bottom.
BNB Coin was the most damaging altcoin project of the week
BNB price is down 6.5% in the past day and 15% from last week. Currently, Binance is facing questions about FTX’s ability to meet potential repurchase demands for $2.1 billion in bankruptcy proceedings. Binance and CEO CZ were one of the first and major investors in FTX. It looked like it could save the rival stock market before opposing the buyout. However, the rumors that have emerged around Binance in recent days have been hitting the stock market over BNB Coin. cryptocoin.com We have transferred the US case and large withdrawals.
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