Binance's Withdrawal Freeze Could Trigger a Bitcoin Bull Run, Claims Expert – Coinpedia Fintech News

  • Binance sells Bitcoin to stabilize Binance Coin (BNB) but faces challenges as BNB’s value keeps dropping.

  • Expert Mike Alfred suggests that Binance’s suspension of user withdrawals could spark a Bitcoin comeback.

  • Market voices express doubt about Binance’s strategy, while Bitcoin’s price hovers below $27,000, leaving investors hopeful for a bullish surge.

Bitcoin (BTC) might be getting a boost soon, and it’s all because of Binance, the big crypto platform. The expert Mike Alfred has a unique idea – if Binance stops letting people take out their money, Bitcoin could come back stronger. 

This unconventional proposal has captured the attention of both skeptics and enthusiasts alike. Could Binance’s bold move hold the key to a remarkable Bitcoin resurgence? Let’s dive deeper!

Has Binance Struck Gold?

Binance, a major player in the crypto realm, finds itself grappling with recent regulatory challenges. To aid the stability of Binance Coin (BNB), the company has opted to sell a portion of its Bitcoin holdings. This strategic move aims to bolster the value of BNB, which recently plummeted to a disconcerting low of below $205, marking a worrisome decline of over 31.3% throughout the year.

The past few days have been grim for BNB as its value plummeted below $205. This downtrend has raised concerns, especially since it corresponds with ongoing efforts by CZ, Binance’s head, to boost BNB’s standing through the sale of Bitcoin. Regrettably, despite these efforts, the value of BNB continues to slide.

Seasoned crypto observers draw parallels between Binance’s predicament and the struggles faced by FTX, another company entangled in similar circumstances. In parallel, the price of Bitcoin has also dipped, sinking below $26,100.

Read More: BinanceCoin at a Crucial Juncture; Know Why A Drop From These Levels May Shake up the Entire Markets

Mike Alfred’s Interesting Idea

Mike Alfred has an interesting notion: the potential for a resurgence in Bitcoin’s value lies in Binance suspending withdrawals for its users. Alfred’s idea holds that this move could trigger a rally, possibly even leading to the emergence of what’s known as a “God candle.”

This term refers to a substantial green candlestick pattern that could propel Bitcoin to new heights with a remarkable surge of momentum.

Bitcoin (BTC) has maintained its position below the $27,000 mark. This has set the stage for both investors and day traders, who eagerly anticipate a bullish surge capable of propelling Bitcoin’s momentum towards the coveted $51,000 threshold.

A lot of traders think that $10,000 daily candles for Bitcoin are coming inevitably, but whether that fast movement comes to this bull cycle or the next is anyone’s guess.

Related: Could Binance’s Actions Lead to a Bitcoin Crash? Here’s What’s Happening

All Downhill for BNB?

In a slight turnaround, BNB’s value has managed to ascend from the depths of $205 to the current $210 mark. This modest recovery has, in turn, exerted a stabilizing influence on Bitcoin’s price trajectory, mitigating a worse fall.

Key figures within the crypto landscape, including individuals such as Peter Brandt, express skepticism regarding Binance’s actions.

“I’ve been saying for years that CZ and @binance are up to no good, and $BNB isn’t worth a lot. Watch as things start to go downhill.”

All eyes are now trained on Changpeng Zhao (CZ), the CEO of Binance, as the crypto community anticipates his response to the ongoing situation. Despite widespread discussions, CZ has yet to address the matter, leaving many in suspense.

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