Could the BNB coin be on the brink of a further price dip? A well-known cryptocurrency trader certainly thinks so, predicting a significant fall that could see the BNB coin hit a new local low.
Top Priority for Shorting
The trader in question, known as Bluntz, has declared BNB as his top choice for shorting. He believes that the BNB price is set to breach its current support level and plummet further, potentially establishing a new local bottom. His projections indicate that the BNB price could crash to a range of $80 to $100.
Horrendous Patterns in the Charts
When comparing the one-hour BNB/USD chart to the daily chart, Bluntz concludes that BNB exhibits the most distressing pattern in the higher timeframe. His analysis aligns with his previous posts from several months ago, where he declared the end of the five-year uptrend of the BNB/BTC pair. Back in December 2022, he even forecasted a 50% drop in the BNB/BTC price.
Furthermore, he compared the historical BNB price behavior with Luna before its crash. He noted a pattern indicating a long-term top, specifically a five-wave rise on the weekly chart with a bearish engulfment. He identified this bearish engulfment as a confirmation of the top and predicted a 50% drop.
Continued Bearish Momentum
Bluntz maintains that the bearish momentum will continue until BNB breaks below its existing support levels. He anticipates the BNB price crash to fall between $80 and $100. As of writing, data from TradingView shows BNB trading at $223.50, representing a 22% drop since Bluntz’s initial prediction. Despite this, Bluntz remains steadfast in his belief that the BNB price will continue to drop until it fulfills his original prediction of up to a 50% drop.
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