Crypto

Top Crypto Analyst Issues Warning For Binance Coin, Says BNB Tracks Terra (LUNA) Chart Ahead Of Implosion

An analyst who nailed Bitcoin (BTC) 2018 bottom predicts an epic collapse for Binance Coin (BNB), the utility token of the largest crypto exchange in the world.

Pseudonymous analyst Smart Contracter tells his 216,900 Twitter followers that he believes Binance Coin’s multi-year uptrend against Bitcoin (BNB/BTC) has reached its conclusion.

“I think the five-year uptrend of BNB/BTC is over. In my opinion, it comes down to at least another 40-50% from here.

Source: Smart entrepreneur/Twitter

Smart Contracter is based on Elliott Wave Theory, a technical analysis approach that attempts to predict future price action by following crowd psychology which tends to come in waves. Looking at the analyst’s chart, it looks like BNB/BTC has completed the theory’s five wave cycle and looks set for a reversal towards the 0.618 Fibonacci level at 0.007378 BTC ($123.33).

At the time of writing, BNB/BTC is changing hands for 0.014369 BTC ($240.19).

According to the crypto strategist, the BNB/BTC chart resembles Terra’s price action (LUNA) before its implosion in May.

“Same vibe.”

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Source: Smart entrepreneur/Twitter

Looking at BNB against the US Dollar, the crypto analyst predicts a massive devaluation of over 66% for Binance Coin after breaking key diagonal support.

“If I had to guess, the USD pair is heading between $80 and $100.”

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Source: Smart entrepreneur/Twitter

At the time of writing, BNB is trading at $240, up over 5% in the past 24 hours.

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Featured Image: Shutterstock/betibup33



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