A widely followed crypto trader is warning that Binance Coin (BNB) is on the verge of collapsing against Bitcoin (BTC).
Bluntz says His 224,500 followers on social media platform X that the BNB/BTC trading pair has formed a bearish swing failure pattern (SFP).
A swing failure pattern in an uptrend usually occurs when price makes a series of higher highs and higher lows, but at some point fails to make new highs and selling pressure begins to mount, indicating a bearish reversal.
“BNB is still top of the priority list for shorts. [There was a] Yesterday’s wild SFP and USD pair on BNB/BTC just looked like an ABC. [correction] so far
Also, [BNB] In my opinion, there are the scariest high timeframe charts.”
An ABC correction, part of Elliott Wave theory, is a simple three wave move in the opposite direction of the trend. In this case, Blantz thinks BNB’s strength in late August was an upward correction in its long-term downtrend.
Looking at the trader’s charts, he suggests that BNB could break below the key $200 level around September 2nd, retest the $210 level near September 4th, and then drop to around $196 by September 6th.
BNB Traders Slowdown prediction Date more than eight months ago.
He previously said,
“I think the five-year uptrend in BNB/BTC is over. IMO it drops to at least another 40%-50% from here. [I] Actually don’t even know where this will put the BNB/USD price but I will avoid this currency like the plague from here on out. GL (good luck) if you hold it.”
he too Recommended Months ago that BNB could fall to $80, which would be a drop of more than 63% from its current price.
“If I had to guess, the USD pair is going between $80-$100.”
BNB is trading at $217 at the time of writing, down 2.3% in the last 24 hours.
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