The crypto market has witnessed a bearish turnaround since mid-week as Bitcoin’s price breaks below the $70,000 floor. The renewed selling pressure can be attributed to market uncertainty following the upcoming result of the U.S. election. While the altcoin market allows the bearish momentum, the BNB price analysis shows the potential for sharp results amid the completion of the 29th Quarterly Burn and reversal pattern.
The Binance coin price currently trades at $572 with an intraday loss of 0.68%. According to Coingecko, BNB’s market cap is $82.4 Billion, while the 24-hour trading volume is $1.73 billion.
BNB Price Analysis Post-29th Quarterly Burn: Is $800 Within Reach?
The BNB Foundation has completed its 29th quarterly BNB token burn, eliminating 1,772,712.363 BNB (worth approximately $1.07 billion) from circulation. This process is a core part of Binance’s deflationary model, aiming to drive long-term demand pressure for BNB coins by reducing the circulating supply.
These quarterly burns and future burns will be conducted directly on Binance Smart Chain (BSC), enhancing transparency and decentralization. The token set for incineration will be sent to an inaccessible address, “blackhole,” ensuring the removal of those tokens permanently from circulation.
Such regular burn activity could drive demand for BNB price analysis due to the scarcity principle.
Can Binance Coin Bullish Reversal Pattern Propel It to $970?
Over the past 6 weeks, the BNB price analysis has traded sideways, resonating between $620 and $530 horizontally levels. While the consolidation may indicate uncertainty among buyers and sellers, the daily chart analysis shows the formation of a bullish reversal pattern called inverted head and shoulder.
In the case of BNB, this pattern consists of three main troughs: the middle being the lowest (head) and the two on either side (shoulders) forming higher lows. If the pattern holds true, the Binance coin price should rebound up before the $530 support and rechallenge the pattern’s key resistance against $633.
With crypto market today, a potential breakout from this reversal pattern will signal the continuation of the prevailing uptrend.
The post-breakout rally could cause BNB price analysis to target $970, accounting for a potential 54% growth. The altcoin trading above trend-defining 100-and-200-day EMA indicates the asset’s broader trend is bullish.
However, the renewed selling pressure of $180 could signal a major reversal and continuation of the prevailing uptrend.
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