A widely followed crypto trader is warning that Binance Coin (BNB<\/a>) is on the verge of collapsing against Bitcoin (BTC<\/a>).<\/p>\n Bluntz tells<\/a> his 224,500 followers on the social media platform X that the BNB\/BTC trading pair has formed a bearish swing failure pattern (SFP).<\/p>\n A swing failure pattern in an uptrend typically occurs when price makes a series of higher highs and higher lows, but at some point fails to make new highs and sell-side pressure begins to mount, hinting at a bearish reversal.<\/p>\n Says Bluntz,<\/p>\n \u201cBNB is still top of the priority list for shorts. [There was a] savage SFP on BNB\/BTC yesterday and the USD pair simply looks like an A-B-C [correction] up still.<\/em><\/p>\n Also, [BNB] has the most horrendous high timeframe chart in my opinion.\u201d<\/em><\/p>\n An ABC correction, part of Elliot Wave theory, is a simple three wave move in the opposite direction of the trend. In this case, Bluntz thinks BNB\u2019s strength in late August was a correction upward in its longer term downtrend.<\/p>\n Looking at the trader\u2019s chart, he suggests that BNB could decline below the key $200 level around September 2nd, retest the $210 level near September 4th and then decline to about $196 by September 6th.<\/p>\n The trader\u2019s bearish BNB prediction<\/a> dates back more than eight months ago.<\/p>\n He previously said,<\/p>\n \u201cI think the five-year uptrend in BNB\/BTC has come to an end. IMO it comes down at minimum another 40%-50% from here. [I] genuinely don\u2019t even know where that would put the BNB\/USD price but I\u2019ll be avoiding this coin like the plague from here. GL (good luck) if you hold it.\u201d <\/em><\/p>\n He also suggested<\/a> months ago that BNB could decline to as low as $80, which would be a more than 63% decline from its current value.<\/p>\n \u201cIf I had to guess, USD pair is heading to between $80-$100.\u201d <\/em><\/p>\n BNB is trading for $217 at time of writing, down 2.3% in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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