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Home»Analysis»Crypto Analyst Predicts Massive BNB Price Drop of 99% to $2
Analysis

Crypto Analyst Predicts Massive BNB Price Drop of 99% to $2

2023-12-23No Comments4 Mins Read
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BNB, the native token of the Binance Exchange, has become one of the largest cryptocurrencies in the world. Its current price of $260 puts its market cap above $39 billion, making it the fourth largest asset on the market. However, despite the fame the cryptocurrency has gained during this period, one crypto analyst still expects a massive price crash, a crash that could shake the entire crypto market to its core.

BNB long-term distribution points crash

In the initial analysis posted on the TradingView website on Tuesday, December 19, crypto analyst Alan Santana pointed out that the BNB token was in a “long-term distribution phase.” He identifies this distribution phase on the shared chart, which appears to have begun after the altcoin reached its all-time high price of $670 in 2021.

While this is hinted at as bearish, the levels at which Santana believes this bearish pressure could take the price back to 2018 lows. Additionally, the analyst explains that BNB price is still below the 200-day moving average (MA) acts. This in itself is very bearish for the price of the asset, but cannot drive it 99% below the current price. However, he explains that this metric combined with bad stock market news could be devastating.

BNB price chart from Tradingview.com

Source: Tradingview.com

It’s no surprise that the Binance Exchange has endured its fair share of problems when it comes to dealing with regulators. The exchange’s stablecoin, issued by Paxos, stopped producing it after instructions from regulators. Later, CEO Changpeng Zhao resigned after the stock market went public and the founder agreed to pay $4 billion in fines to the US Securities and Exchange Commission (SEC).

See also  Trader Says Crypto Entering Final Stage of Bear Market and Exploring a Weakening Bitcoin (BTC).

The crypto analyst stated that in such a case the graph points lower, but it is impossible to pinpoint a specific end point. “It is impossible to say exactly whether the ultimate target will be $11, $6, $2 or $0.10. It is very difficult to predict an exact target, but the graph points lower,” said Santana.

BNB price chart from Tradingview.com

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

Waiting for the best timing

In combination with the indicators the analyst pointed out, he made follow-up posts to add other factors that could cause a 99% crash in the BNB price. Referring to the change in management that took place about a month ago, Santana explained that the exchange’s next step would be called “restructuring.”

He claimed:

The company will undergo some “restructuring”, changes and improvements in the corporate network and therefore everything will be largely frozen… But don’t worry, the funds are SAFU.

However, Santana explains that this won’t just happen and that they will wait for the best moment to actually carry out this step. According to the analyst, a pullback from the current rally would be the best moment for them.

“So they would allow the market correction to happen after the SEC’s announcement in late December or early January 2024. Once the market is about to bottom out, the ‘restructuring’ can begin,” Santana said. “This would freeze the money of billions of customers and give time for the institutions, the big players and the Spot ETFs to buy Bitcoin low.”

Despite the grim prediction that the crypto market could crumble if this were to happen, the crypto analyst believes this is a positive in the long run. “Life will continue to evolve, nature will choose who goes and who stays, and time will decide who was right and who was wrong,” Santana concluded.

See also  An overview of how the crypto industry fared in Q2 2023

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

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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