Popular analyst Jason Pizzino says that Binance Coin (BNB), the utility token of the world’s largest crypto exchange, is likely headed for a trend reversal on the Bitcoin (BTC) charts.
Pizzino told his 279,000 YouTube subscribers that Binance Coin has potentially topped out against Bitcoin (BNB/BTC) after nearly two years of bullish run for the pair.
According to Pizzino, the impending reversal could trigger a several-year downtrend for BNB/BTC.
“We just started our first big month putting potential tops on BNB/BTC. And it could go on for two years from that point.
BNB/BTC is trading at 0.013784 BTC ($230) at the time of writing.
The popular analyst also noted that BNB has demonstrated a clear bullish and bear trend against bitcoin since the pair debuted in 2017.
,[From July 2017], 21 months until peak in April of 2019. We know that bitcoin peaked around June of 2019 from that point as well. So it was going up while bitcoin was also going up after that macro low, after that cycle low.
[BNB] Then BTC fell for 21 months against the price, falling until January of 2021 and since then at the latest high of November 2022. So no one can argue that this is not a clear bull and bear trend in 21 to 22 months.
According to Pizzino, BNB/BTC could end its downtrend by Q3 2024 if the pair continues to repeat its cycle.
“Should it repeat, we have 22 months or 21 months around August of 2024. And if we want to go out for that 22 months, it’s going to be around September of 2024.
So around August or September of 2024, it [BNB/BTC] The chart can be found below.
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