The post Binance Bold Move: How a Withdrawal Freeze Could Unleash Bitcoin’s Bullish Rally appeared first on Coinpedia Fintech News
Bitcoin 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.
Recent crypto regulations have caused Binance some problems, so the company is selling some of its Bitcoin to support Binance Coin (BNB) in order to help the coin’s price stability.
Just a few days ago, the price of BNB went below $205, which is not good because it lost more than 31.3% of its value this year. CZ, who’s in charge of Binance, is continuing the selling Bitcoin to help BNB, but it doesn’t seem to be working, as BNB’s value keeps dropping.
People who know about crypto are worried that Binance might end up in a mess similar to what happened with another company, FTX if BNB keeps going down. At the same time, Bitcoin’s price is also going down, and now it’s less than $26,100.
But here’s the interesting part – Mike Alfred thinks that if Binance shuts withdrawals for all customers, Bitcoin price could make a comeback and even see a God candle.
As Bitcoin (BTC) maintains its position under the $27,000 mark, both investors and day traders are eagerly awaiting a bullish surge that could drive Bitcoin’s momentum toward the $51,000 threshold.
The much-anticipated “god candle” is essentially a massive green candle that can propel Bitcoin toward new all-time highs with divine force.
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.
Something is not Happening right for BNB.
BNB’s price went up a bit after it fell to $205. Right now, Binance Coin (BNB) costs $210, which is a bit higher. The whole value of all the BNB coins together is around $32.9 billion.
BNB went up a bit from $205, and that made Bitcoin’s price not fall as much. People who work with CZ and Binance aren’t really hiding what they’re doing. We can see it happening.”
Notable voices within the market arena have joined the chorus of skepticism surrounding Binance. One of the famous people in trading, Peter Brandt, said:
“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.”
Right now, everyone is waiting to see what Changpeng Zhao, the boss of Binance, will say about all this. But he hasn’t said anything yet, even though lots of people are talking about it.
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