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BNB/USD Binance Coin Price Prediction — Rising by Almost 10%: Can Bulls Pump to $25?

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  • Denys Serhiichuk
    📈 Price Predictions

    Growing faster than other altcoins: Look through our analysis to create your own investment strategy

BNB/USD Binance Coin Price Prediction — Rising by Almost 10%: Can Bulls Pump to $25?
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

When almost the whole crypto market was growing, the price of BNB went below $20; however, today, the situation is the opposite.

At the moment, BNB is the leader among the top 10 coins, as its quotes skyrocketed by more than 10% over the last 24 hours.

BNB charts by CoinMarketCap

In terms of the news background, a few reasons can affect BNB’s rate change:

All this should favorably win back the cost of the coin.

Our Binance Coin price forecast has more than justified itself, as the rate has jumped even higher than $20.

BNB/USD chart by TradingView

On the 1-hour chart, BNB shows growth against the stagnation of Bitcoin. However, traders should not expect a quick bull run to $25 as happened a few weeks ago. Before going up, the price should touch the $22.6 mark and only after that can BNB reach $24. The Elliot Triple Combo Wave supports such a scenario.

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BNB/USD chart by TradingView

On the 4-hour time frame, the situation does not differ a lot, as BNB is still under bullish tendencies.

There is a formation of the Inverted Triangle pattern, according to which the coin should be located in the yellow corridor between $23 and $24 till the end of May 19. Such a scenario will come true if the trading volumes remain at high levels.

Binance Coin is trading at $23 at the time of writing.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin

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  • Alex Dovbnya
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    John Griffin says that rapid price swings are possible because it can be manipulated by deep-pocketed whales who are not stronger than ever

Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin
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Economics professor John Griffin recently rang alarm bells over the impact of Bitcoin whales on the Bitcoin market. 

Griffin told Bloomberg that a few large players could easily push the BTC price down at a whim. 

"The problem with a few large players holding crypto is that when they sell they can easily push the price down, which makes the market susceptible to rapid swings."  

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Whales are getting more powerful 

According to data released by CoinMetrics, the number of orange coins controlled by deep-pocketed Bitcoin investors reached its highest point in four years in 2019. As of December, a whopping 42.1 percent of Bitcoin's total circulating supply is stored in wallets that hold between 1,000 and 1 mln BTC. 

While crypto exchanges are known to be the owners of the richest Bitcoin addresses, investor Aaron Brown warms some of the new whales on the block are family offices and affluent individuals who are not exactly keen Bitcoin believers who might be tempted to jump ship if things turn south. 

“I doubt they have infinite patience, and without significant growth in actual use, I would expect them to quietly withdraw to chase other promising technologies,” Brown said.

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Becrying Tether's impact on Bitcoin 

Speaking of those who don't believe in Bitcoin, Griffin probably takes the cake as one of the most prominent naysayers. Back in June 2018, together with his colleague Amin Shams, he published a paper that explores how Tether was allegedly responsible for propelling Bitcoin to new highs during the peak of the previous bull market in December 2018. 

At the beginning of November, the two academics came up with an even more shooking claim -- the historic ascent of Bitcoin to its current all-time high of $20,000 was the deed of a single whale on Bitfinex, the affiliated exchange of Tether.

Tether dismissed the updated study as a puff piece that was meant to back up a $1.4 trln lawsuit against the flagship stablecoin issuer. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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