Top Crypto Analysts Issue Warning For Binance Coin, Says BNB Tracks Earth (MOON) Chart Before Implosion

An analyst who hit a 2018 low in Bitcoin (BTC) predicts a momentous crash for Binance Coin (BNB), the utility token of the world’s largest cryptocurrency exchange.

Pseudonymous analyst Smart Contracter tells his 216,900 Twitter followers that he thinks Binance Coin’s multi-year uptrend versus Bitcoin (BNB/BTC) has come to an end.

“I think the 5-year BNB/BTC uptrend has come to an end. In my opinion, it drops at least another 40-50% from here.”

Smart Contracter is based on Elliott Wave Theory, a technical analysis approach that attempts to predict future price action by following the psychology of crowds that tend to come in waves. Looking at the analyst’s chart, it appears that BNB/BTC has completed the theory’s five-wave cycle and appears poised 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 at 0.014369 BTC ($240.19).

According to the crypto strategist, the chart of BNB/BTC looks similar to the price action of Terra (LUNA) before its implosion in May.

“Same vibes”.

Looking at BNB against the US dollar, the crypto analyst forecasts a massive devaluation of more than 66% for Binance Coin after breaking key diagonal support.

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

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

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Featured Image: Shutterstock/betibup33