- Binance ex CEO CZ’s release from prison set for September 29 could boost BNB’s ecosystem.
- BNB is poised to break $600, with possible further gains up to $620.
- Analysts caution that failure to maintain $600 could trigger a pullback.
Binance founder Changpeng Zhao (CZ) will be released from prison on September 29, potentially driving BNB’s ecosystem to new heights, with price forecasts eyeing $600 and beyond.
Market watchers think this could be a major boost for the BNB ecosystem, potentially pushing its market value from $130 billion to over $500 billion over the next few months.
Binance’s BNB Eyes $620 as Uptober Begins
Crypto enthusiasts on X (formerly Twitter) are pointing to the significance of this timing, as it lines up with the start of “Uptober”—a month known for being bullish for cryptocurrency markets. Many believe this momentum will trigger a rally for several BNB-based altcoins, further strengthening confidence in Binance and its ecosystem.
Technical analysts are keeping a close eye on the BNB price, which recently surged close to the $600 mark. One leading market analyst predicts that if BNB breaks and holds above $600, it could potentially surge to $620 and beyond.
But, analysts caution that if it can’t hold this level, there could be a short-term pullback. This means traders should be careful before assuming the uptrend will continue.
Optimism Remains High Despite Volatility
Despite potential volatility, there has been a lot of optimism. Many in the crypto community believe CZ’s return will spark innovation and confidence in Binance, leading to further growth. Notably, Richard Teng, the exchange’s current CEO, confirmed that CZ will not hold any future positions at the company, although Zhao will keep his status as the company’s largest shareholder.
Read also: Binance CEO Reveals CZ’s Lifetime Ban: A Major Blow
As the weekend approaches, all eyes are on Binance and CZ, with the market eagerly awaiting the impact of his release on BNB and the overall crypto market.
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Source: https://coinedition.com/czs-release-sparks-bnb-bull-run-600-target-in-sight/