Top Crypto Analyst Says Binance Coin (BNB) Flashing ‘Savage’ Bearish Signal – Here Are His Targets

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.

Bluntz says,

“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.”

Source: Bluntz/X

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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Disclaimer: Opinions published in Daily Hodle are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any loss you may incur is your responsibility. Daily Hoddle does not recommend the purchase or sale of any cryptocurrency or digital asset, nor is Daily Hoddle an investment advisor. Please note that Daily Hoddle participates in affiliate marketing.

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