dailyhodl.com
Popular analyst Jason Pizzino says Binance Coin (BNB), the utility token of the world’s largest crypto exchange, is likely headed for a trend reversal on the Bitcoin (BTC) chart.
Pizzino tells his 279,000 YouTube subscribers that Binance Coin has potentially hit a top against Bitcoin (BNB/BTC) after the pair’s bullish run of nearly two years.
According to Pizzino, the looming reversal could trigger a multi-year downtrend for BNB/BTC.
“We’ve just started our first major month down to put in a potential top here on BNB/BTC. And this could last two years from that point.”
BNB/BTC is trading at 0.013784 BTC at time of writing ($230).
The popular analyst also says that BNB has exhibited clear bull and bear trends against Bitcoin since the pair was launched in 2017.
“[From July 2017], 21 months up to the peak in April of 2019. We know that Bitcoin found a peak in around June of 2019 from that point as well. So this was rallying up while Bitcoin was also going up after that macro low, after that cycle low.
[BNB] then fell for 21 months against BTC value, down to January of 2021 and has since been up into the latest high of November 2022. So no one can argue that this is not a clear bull and bear trend over 21 to 22 months.”
According to Pizzino, BNB/BTC will likely end its downtrend by Q3 of 2024 should the pair continue to repeat its cycle.
“Should this repeat, we have 22 months or 21 months to take us to around August of 2024. And if we wanted to go out for that 22 months, then it’s going to be around September of 2024.
So sometime around August or September of 2024, this [BNB/BTC] chart may find a bottom.”