An analyst who correctly predicted the bottom of Bitcoin (BTC) in 2018 pointed to a specific altcoin. He emphasized that this altcoin may face a situation like the collapse of Terra (LUNA). Here are the latest comments from the cryptocurrency analyst Smart Contracter, who has come to the fore with his predictions before…
Analyst down for BNB
Knowing the 2018 low, an analyst predicts an epic crash for Binance Coin (BNB), the utility token of the world’s largest cryptocurrency exchange. Smart Contracter told his 216,900 Twitter followers that he thinks Binance Coin’s multi-year bullish trend against Bitcoin (BNB/BTC) is over. According to the analyst, this five-year upward trend is over and he predicts a “at least” 40-50 percent decline after this point.
Smart Contracter is based on Elliott Wave theory, a technical analysis approach that tries to predict future price action by following crowd psychology. Looking at the analyst’s chart, it becomes clear that BNB/BTC has completed the theory’s five wave cycles. It also appears that the coin looks poised for a turn towards the 0.618 Fibonacci level at 0.007378 BTC ($123.33). At the time of this writing, BNB/BTC is changing hands for 0.014369 BTC ($240.19).
Smart Contracter: Chart resembles LUNA price action
Also, according to the cryptocurrency strategist, the BNB/BTC chart is similar to the price action before Terra (LUNA) exploded in May. The analyst shared this thought by saying “same feelings”.
Looking at BNB against the US dollar, the crypto analyst predicts a massive devaluation of over 66 percent for Binance Coin after breaking the key cross support. He states that his forecast is at the levels of $ 80-100. At the time of this writing, BNB is trading at $248, up over 1% in the last 24 hours.
Smart Contracter had predicted certain levels correctly before
As we reported on Kriptokoin.com, some predictions of the analyst known as Smart Contracter were correct. As we have reported, the analyst foresaw the $3,200 level seen in 2020 in BTC. He also predicted that BTC, which gained momentum towards the end of 2020, would rally, that is, it would make a sharp rise. Apart from that, he correctly predicted that BTC would exceed $23,000 in 2021.
In Ethereum, he saw the $ 1,600 drop seen in March of last year. Apart from that, he knew the withdrawal in September 2021. Because of this, he has gained a base of followers who follow him closely. However, it should be emphasized that one should not blindly adhere to the interpretations of any analyst. In the highly volatile cryptocurrency market, big changes can occur at any time.