With the rise in Bitcoin, investors and analysts began to show interest in the altcoin market. While investors and analysts are wondering when altcoins will rise due to the price movements in Bitcoin, many analysts are making predictions about the market.
An analyst named DonAlt analyzed the price movements of BNB, the native token of the Binance exchange, and stated that BNB may have a great upward potential. In his statement on YouTube, he stated that the BNB/USD chart is preparing to exit and these levels are suitable for buying. According to the analyst's prediction, the bullish opportunity could be jeopardized if BNB declines by around 20%.
According to the analyst, BNB trading below $450 could create a somewhat risky environment. But overall, he said, BNB has very strong potential and the BNB/BTC chart shows that this crypto asset is performing strongly. “The BNB chart looks really good and if you are looking for a strong coin, BNB definitely fits that description,” DonAlt added.
DonAlt's comments caused an increase in the BNB price, and as of press time, BNB is trading at $575.
The analyst also discussed Bitcoin (BTC), stating that closes above $70,000 and closes below $57,000 are the key determinants of which direction Bitcoin will head next. According to DonAlt, any close above $70,000 could take Bitcoin to the $80,000-$90,000 range, while closes below $57,000 could target $45,000. Bitcoin rose above the $61,500 level with a 4% increase as of writing time.
Also commenting on Ethereum (ETH), DonAlt mentioned the possibility of Ethereum returning to $ 4,000 if it rises above $ 3,000 at the weekly close. Ethereum is trading at $3,077 as of writing time and has managed to stay above $3,000 even though the weekly close is still days away.
Although these analyzes provide some clues about the future of the market, it is important to remember that investment decisions should be made based on personal research and risk management.
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