Common analyst Jason Pizzino says Binance Coin (BNB), the utility token of the world’s largest crypto trade, is probably going headed for a pattern reversal on the Bitcoin (BTC) chart.
Pizzino tells his 279,000 YouTube subscribers that Binance Coin has doubtlessly hit a prime in opposition to Bitcoin (BNB/BTC) after the pair’s bullish run of almost two years.
In accordance with Pizzino, the looming reversal may set off a multi-year downtrend for BNB/BTC.
“We’ve simply began our first main month right down to put in a possible prime right here on BNB/BTC. And this might final two years from that time.”
BNB/BTC is buying and selling at 0.013784 BTC at time of writing ($230).
The favored analyst additionally says that BNB has exhibited clear bull and bear developments in opposition to Bitcoin for the reason that pair was launched in 2017.
“[From July 2017], 21 months as much as the height in April of 2019. We all know that Bitcoin discovered a peak in round June of 2019 from that time as properly. So this was rallying up whereas Bitcoin was additionally going up after that macro low, after that cycle low.
[BNB] then fell for 21 months in opposition to BTC worth, right down to January of 2021 and has since been up into the most recent excessive of November 2022. So nobody can argue that this isn’t a transparent bull and bear pattern over 21 to 22 months.”
In accordance with Pizzino, BNB/BTC will possible finish its downtrend by Q3 of 2024 ought to the pair proceed to repeat its cycle.
“Ought to this repeat, we now have 22 months or 21 months to take us to round August of 2024. And if we wished to exit for that 22 months, then it’s going to be round September of 2024.
So someday round August or September of 2024, this [BNB/BTC] chart could discover a backside.”
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