Pseudonymous analyst Smart Contracter tells his 216,900 Twitter followers that he thinks the multi-year uptrend of Binance Coin against Bitcoin (BNB/BTC) has reached its conclusion.
“I think the five-year uptrend in BNB/BTC has come to an end. In my opinion, it comes down at minimum another 40-50% from here.”
Smart Contracter relies on Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology which tends to manifest in waves. Looking at the analyst’s chart, it appears that BNB/BTC has completed the theory’s five-wave cycle and looks poised for a reversal toward the 0.618 Fibonacci level at 0.007378 BTC ($123.33).
At time of writing, BNB/BTC is changing hands for 0.014369 BTC ($240.19).
According to the crypto strategist, the chart of BNB/BTC looks similar to the price action of Terra (LUNA) prior to its implosion in May.
Looking at BNB against the US dollar, the crypto analyst predicts a massive devaluation of over 66% for Binance Coin after it broke key diagonal support.
“If I had to guess, USD pair is heading to between $80-$100.”
At time of writing, BNB is trading at $240, up over 5% in the last 24 hours.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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