Binance Coin (BNB), the utility token of the world’s largest cryptocurrency exchange, is likely headed for a trend reversal on the Bitcoin (BTC) chart, according to popular analyst Jason Pizzino. increase.
Pizzino told 279,000 YouTube subscribers that Binance Coin could reach the top after being bullish against Bitcoin (BNB/BTC) for about two years.
According to Pizzino, a looming reversal could set off a multi-year downward trend for BNB/BTC.
“We have started the first major month drop to set a potential high here in BNB/BTC. And this could continue for two years from that point.”
BNB/BTC is trading at 0.013784 BTC ($230) at the time of writing.
A popular analyst also says that BNB has shown clear bullish and bearish trends against Bitcoin since the pair launched in 2017.
“[From July 2017], 21 months to April 2019 peak. Bitcoin also knows from that point that he peaked around June 2019. So this was up while Bitcoin was also up after its macro lows, after its cycle lows.
[BNB] It then fell against BTC for 21 months before falling until January 2021 before rising to its latest high in November 2022. Therefore, it cannot be argued that this is not a clear bullish-bearish trend over the 21-22 months. ”
According to Pizzino, if BNB/BTC continues to repeat this cycle, the downtrend is likely to end by the third quarter of 2024.
“If this repeats, it will take 22 or 21 months by around August 2024. If you want to be out for those 22 months, it will be around September 2024.
Around August or September 2024 [BNB/BTC] The chart may find a bottom. ”
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