- BNB looked bullish despite market turmoil.
- The Bitcoin halving might have a significant impact on major altcoins.
In the wake of geopolitical tensions between Iran and Israel, a dark cloud seems to have shadowed over the cryptocurrency market, leading to a market crash.
Bitcoin [BTC] slipped below the $63,000 mark at press time, whereas, Binance Coin [BNB], saw a notable decrease of 8.5% in the past 24 hours.
The crypto market’s substantial declines have sparked widespread concern, prompting questions about the survival of altcoins amidst the crash.
BNB’s positive future outlook
However, amidst this downturn, @LomahCrypto shed light on positive sentiment surrounding Binance’s Altcoin [BNB] and outlined its resilience from both technical and fundamental perspectives.
He said,
“I think Binance Coin is a live dark horse for majors.
- Structurally looks good in both USD and BTC pairing
- Negative funding since it’s typically hedged against spot holdings for fee reductions by larger whales
- Free of SEC persecution in the short/mid-term
I have a bag.”
Analysts are predicting that by 2024, BNB could soar to $541, showcasing market recovery and bullish sentiment.
Echoing similar sentiments, Kaleo, in his X (Formerly Twitter) post noted,
“$BNB still looks primed to break out of this range.”
Source: Kaleo/X
Needless to say, Loma emphasized that while Binance Coin has growth potential, its upside is considered smaller compared to riskier digital assets due to its larger market capitalization. He said,
“Yes, it won’t give you the same 10,000X move that some meme coins will. But different portfolio amounts = different asset selection(s) and expectation(s).”
This highlighted Binance Coin’s growth potential despite setbacks.
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