Cryptocurrency analyst Mike Alfred claimed that if Binance suspends withdrawals, Bitcoin will head hard upwards by lighting a big green candle:
Changpeng Zhao (CZ) is selling Bitcoin again today trying to protect the value of BNB, but it doesn’t work. BNB is bleeding out. I expect a downside break above the $200 level, potentially within 48 hours. After Binance stops withdrawals for all customers, BTC will rally. If that happens, we might even see a long green candle on Bitcoin’s price chart. I think it will be fun.
The price of BNB has started to recover from yesterday’s low of $205. At the time of this writing, it is trading at $215.45, up 3.08 percent in the last 24 hours. Commenting on BNB’s current outlook, Alfred noted:
Strong BNB bounced from $204 to over $205 and the selling pressure on BTC magically dropped. CZ-affiliated market makers are not doing a very good job of masking this behavior. This is very clear.
Other experts, such as Alfred, have also been harshly critical of Binance and BNB. “I have been saying for years that CZ and Binance are a global scam and BNB is just cheap fiat money, now calmly watch everything unravel,” said Peter Brandt, who has over 30 years of experience in financial markets. Despite all these negative comments, Binance CEO CZ remains silent. Binance users and cryptocurrency market participants are eagerly awaiting what kind of statement CZ will make and whether it will give any assurances.