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.
According to analyst Jason Pizzino, Binance Coin (BNB), the utility token of the world’s largest crypto exchange, is likely to reverse its trend on the Bitcoin (BTC) chart. He said that Binance Coin (BNB/BTC) may have reached a peak against Bitcoin (BNB/BTC) following 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 said that BNB has shown similar bull and bear tendencies against Bitcoin since the pair’s introduction in 2017. From July 2017 through April 2019, the period lasted 21 months and he highlighted that Bitcoin reached a peak around June 2019 from that moment.
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 this repeat, we have 22 months or 21 months to take us to around August of 2024. And if we wanted to go out for that 22 months, then it’s going to be around September of 2024.So sometime around August or September of 2024, this [BNB/BTC] chart may find a bottom.”
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.