The crypto space is again bleeding, now with the fresh FUD over the world’s largest exchange Binance. Meanwhile, Bitcoin price is displaying some strength, as Ethereum price has slid down slightly. However, the spotlight was on Binance Coin(BNB) which slumped hard by nearly 20% since the early trading hours. However, the circulating Binance FUD is expected to be the final event that shook the entire crypto space.
A popular analyst tunez.eth, believes that the crypto markets could have been at the last phase of the cycle where-in the trader’s loose focus on buying altcoins. Moreover, the shift of focus would be back to the top 2 cryptos, Bitcoin & Ethereum. This may further ignite a fresh BTC price rally which will be followed by the ETH price.
Analyzing the Bitcoin chart, the analyst says that the price may drop to the lower support of around $10,000.
“There is probably an infinite bid below 10K that naturally gets front-run Can imagine that BTC hovering over 10K would start to feel like maybe it’s actually all just over, the type of sentiment we need to bottom,”
Coming to Ethereum the analyst believes the lower support could be around $1000.
“Only number that really matters to me is $1000. Anything below $1000 is a great buy long-term and should serve as where accumulation occurs,”
Moving on to BinanceCoin, he says the BNB price at $190 to $250 is like what the BTC price was during 2018 at around $6000, and breaking these levels could be the final capitulation phase.
“The BNB $190-250 range is essentially the bitcoin 6k 2018 price floor. Breaking this price floor should provide this market with its final capitulation. Squiggle is just a prediction, the trendline break is what you should be waiting for before risking on at all IMO,”
Lastly, referring to Dogecoin, the analyst finds it as the cleanest chart within the crypto space and believes, DOGE has the potential to revolutionize the micro-payments.
“Probably the cleanest chart in crypto, at this point it’s an elon musk social token, has the potential to be revolutionary for micro-payments. Your grandkids won’t believe you were able to buy a doge for less than a nickel. The easiest hold in crypto,”
- @ December 17, 2022 11:31 am