Prominent Crypto Trader Anticipates More Price Decline for BNB Coin

Bluntz’s Projection for BNB Price

Bluntz’s analysis suggests that BNB is poised to breach its existing support and potentially establish a new local bottom in its price trajectory. Based on a one-hour BNB/USD chart, Bluntz anticipates further downward movement for the coin.

Comparative Analysis of BNB’s Chart Patterns

Bluntz compared BNB’s one-hour chart with its daily chart, concluding that the coin exhibited a rather “horrendous” pattern when viewed from a higher time frame. This current analysis aligns with Bluntz’s earlier post, where he indicated the conclusion of the five-year uptrend of BNB/BTC.

Past Predictions and Insights

In December 2022, Bluntz accurately forecasted a significant drop of 50% in the BNB/BTC price. He emphasized the potential ripple effect on the BNB/USD pair, cautioning his followers about the unpredictability of its impact. Despite this prediction, Bluntz communicated his intention to abstain from trading the BNB coin.

Comparing Historical Price Behavior

Bluntz drew parallels between the historical price behavior of BNB and the price trajectory of Luna before its crash. Analyzing a shared Luna chart, he identified a five-wave surge on the weekly chart, followed by a bearish engulfment. This pattern prompted Bluntz to predict a 50% downturn, which was validated by the subsequent market movement.

Projected BNB Price Range

Based on the evolving pattern as of December 2022, Bluntz’s projection places the anticipated BNB price decline within the range of $80 to $100. He maintains the belief that the bearish momentum will persist until BNB breaches the current support levels.

Current Status and Future Outlook

Recent data from TradingView indicates that BNB is currently trading at $223.50. This marks a 22% decrease since Bluntz’s initial prediction. Nevertheless, the expert trader remains resolute in his prediction of a potential 50% drop in BNB’s price. Thus, even eight months later, Bluntz asserts that the outlook for BNB remains concerning.

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