Binance Coin’s $1.12B Burn Sparks Rally Talk—Experts Predict $2K Potential

The BNB Foundation reports it successfully removed 30th quarterly Binance coin (BNB) tokens from its supply. The announcement details that 1,634,200.95 BNB tokens totaling $1.12 billion were permanently removed from circulation.

The remaining BNB tokens that need to be burned are now 42,465,780.15 leaving the complete supply at 142,465,780.15 BNB.

The system of token burning aims to lower the number of tokens in circulation and build scarcity that boosts market value. The new token burning event has ignited Binance Coin talks with experts predicting market shifts ahead.

Binance Coin: Technical Indicators Suggest a Potential Breakout

Technical analysts see Binance Coin has the potential to lead its price upward. Meanwhile, future price trends depends on this chart structure that resembles “cup-and-handle”.

During resistance periods BNB created smaller patterns as buyers stayed in charge and then after a price correction bulls pushed BNB higher.

The best opportunity to see a jumper pattern appears inside the price zone of $650 through $700. Over the last day BNB dropped 1.65% to $684.57 in market value.

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According to current survey charts BNB will climb when it exceeds $650 in price and employee technical analysts expect the price to climb toward $1,000 and advance further.

Binance Coin has three vital support levels to monitor including $1,250, $1,500, and $2,000. Despite being temporary these levels act as protection points based on the size of the cup pattern.

Liquidation Levels Could Trigger a Short Squeeze

Market data shows a cluster of liquidation levels above the current price, creating the potential for a short squeeze if BNB rallies past $706. A short squeeze occurs when short sellers are forced to close their positions by buying back assets, further driving the price upward.

Conversely, if BNB drops below $678, long liquidations could occur, pulling the price lower.

This sets the stage for a decisive move depending on whether the price breaks upward or downward from its current range.

Analyst Projections Remain Optimistic

In a recent tweet CryptoELlTES highlighted that BNB is heading for big price gains with the analyst predicting it could climb up to $5,000 under bullish market conditions. Targets at $1,000 and $1,250 mark short-term possibilities but our extended forecast points to substantial price growth ahead.

Recent token burn events combined with positive technical patterns now make BNB an asset that investors closely follow. Investors should follow market trends because price fluctuations continue to affect BNB value.