While Binance and Bitcoin are both losing grounds in the cryptocurrency market, one analyst believes the BNB/BTC pair will reach a low in 2024.
Binance Coin (BNB), the utility token of the world’s largest crypto exchange, is likely to reverse its trend on the bitcoin (BTC) charts, according to analyst Jason Pizzino. He added that Binance Coin (BNB/BTC) could peak against Bitcoin (BNB/BTC) after a nearly two-year bull run.
“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,” he said.
He also noted that BNB has shown a similar bullish and bearish trend against bitcoin since the pair’s inception in 2017. This period spanned 21 months, from July 2017 to April 2019, and he highlighted that bitcoin peaked from that moment around June 2019.
BNB then declined for 21 months against BTC value, reaching a low in January 2021 before rising to a peak in November 2022. So he said that no one can deny that there hasn’t been a definite bull and bear pattern for the past 21 to 22 months.
“Should it repeat, we have 22 months or 21 months to move 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 August or sometime around September 2024, it [BNB/BTC] The chart can be found below.
Binance’s native token, BNB, is the top trending cryptocurrency in Binance’s search bar, while Bitcoin, the most popular cryptocurrency in the market, is ranked second. According to the latest data from Crypto Differ, the ‘unknown’ token, HOOK, has risen to fourth place with a 5.1% increase in market price.
