A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000 has pointed to Binance Coin ($BNB) as a cryptocurrency that could be due for a “significant bounce.”
In a tweet shared with his over 200,000 followers, pseudonymous cryptocurrency analyst Smart Contracter noted they are “surprised” by how well BNB held up against the flagship cryptocurrency Bitcoin “in such a raging bear market.”
The analyst noted the cryptocurrency’s performance was reminiscent of that of Ethereum back in 2017, suggesting BNB could be due for a significant rally. Per their words, when they start longing the market “with the intention of the bottom being in,” BNB is going to be one of their bets.
At the time of writing, Binance Coin is trading at $214 after losing 3.4% of its value in the last 24-hour period. Over the last six months, the cryptocurrency dropped from over 500 to where it stands amid a wider cryptocurrency bear market.
Last week the cryptocurrency strategist said that both Bitcoin and Ethereum have gone through a capitulation phase and are now trading at price areas they believe offer strong support for traders to take a position in them.
Smart Contracter also retweet another cryptocurrency analyst saying BNB is now on their radar as it’s “hard to imagine this level doesn’t yield some sort of significant bounce.”
It’s worth noting Smart Contracter is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
The analyst also compiled a list of development that they say shows the bottom may already be in. These include Google searches for “Bitcoin dead” hitting new highs, the cryptocurrency’s Fear and Greed Index dropping to six, and hedge fund’s Three Arrows Capital’s losses.
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