Expert Crypto Analyst Anticipates Bullish Surge for Binance Coin (BNB) Amidst Bearish Sentiment
In a noteworthy revelation, the highly regarded crypto strategist, known by the pseudonym Jack, is projecting a swift upward momentum for Binance Coin (BNB). This surge is expected to be driven by bears who have taken positions betting on a sustained downtrend for the utility token.
Sharing his insights with his vast Twitter following of 243,100 individuals, Jack highlights that BNB is poised for a rebound as it currently hovers near its crucial support level of $230. The crypto strategist points out that bearish investors are actively accumulating the fourth-largest altcoin by market capitalization, potentially fueling a short squeeze scenario.
Jack elucidates on the phenomenon of a short squeeze, which occurs when traders who borrow an asset with the intention of selling it at a lower price to capitalize on the price difference are compelled to repurchase the borrowed assets as the market momentum turns against them. This triggers further price rallies.
Jack’s analysis chart suggests that BNB is likely to surge to $250 before experiencing a correction that brings it back down to the $230 level. The chart also indicates that BNB bulls are likely to initiate multiple rebounds at the support level before the possibility of a substantial decline by July 17th.
Furthermore, Jack raises concerns about BNB facing several challenges on a global scale, such as the mounting regulatory pressure on Binance, the withdrawal of services from various countries, modifications to rewards and card perks, and discontinuation of services in certain jurisdictions. These factors lead Jack to contemplate the realistic potential for BNB to undergo a significant collapse, potentially reaching the $120 mark.
As of the current writing, BNB is actively traded at $236, suggesting a possibility of a significant drop of approximately 50% if it ultimately reaches Jack’s projected downside objective.
Additionally, the crypto analyst keeps a close eye on Solana (SOL), a competitor to Ethereum (ETH). Jack believes that the Solana/Bitcoin pair (SOL/BTC) is likely to experience a correction after encountering resistance at 0.0006936 BTC ($21.06).
Expressing his viewpoint, Jack speculates that SOL/BTC needs to retrace and show positive movement to evaluate whether the long-anticipated decentralized finance (DeFi) season will gain traction as many have predicted.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.