Binance Coin price is under pressure as the broader crypto market faces a downturn. BNB is hovering below $700 as the bearish remains phase. Bitcoin has also slipped below the $100K mark. Meanwhile, Binance founder CZ continues to shill BNB as a long-term hold, reinforcing confidence in its future potential.
CZ Terms BNB as Long-term Hold as Binance Coin Price Retest Key Support
Binance founder Changpeng CZ Zhao recently emphasized the long-term potential of Binance Coin (BNB), comparing its holding strategy to Bitcoin. He tweeted that no investor has lost money holding BNB or Bitcoin for more than four years.
While he added that this does not guarantee future performance, his remarks reinforced confidence in BNB’s long-term value.
BNB has recently tested a key support level of $661 after breaking above it. The price action suggests this level could be a strong foundation for further bullish momentum.
Historically, retesting previous resistance as support often signals strength in an asset’s price structure.
The broader crypto market remains in heightened anticipation, with investors watching whether BNB will hold above this crucial zone. If the support level remains intact, BNB could be poised for further gains, aligning with CZ’s perspective on its long-term potential.
I do not know anyone who lost money on bitcoin (or BNB) by holding for 4+ years.
(not that this guarantees anything about the future.)
— CZ 🔶 BNB (@cz_binance) January 22, 2025
Binance Coin Price Prediction
As of today, the BNB price is trading at $652.76, marking a slight decline of 2%. The cryptocurrency is forming a textbook cup and handle pattern, a bullish continuation signal that often precedes significant price gains.
The cup, which began forming in 2021, represents a prolonged period of consolidation, while the handle, completed in late 2024, reflects a brief pullback before a potential breakout. This pattern suggests bullish momentum, with traders eyeing a move above the key resistance zone.
The top altcoin is currently testing the $661 support level, a critical threshold that previously acted as resistance.
A breakdown below this level could invalidate the bullish setup and send prices toward the buy zone, where renewed interest is anticipated.
The buy zone marks an accumulation area for traders, offering an optimal entry point for those betting on a rebound. Holding above this zone could reinforce bullish sentiment and set the stage for a renewed upward trajectory.
The target price for this breakout is forecasted at $1,147, derived by measuring the depth of the cup and projecting it upward. This represents a potential 69.98% increase from the breakout point.
Binance Coin price action aligns with CZ’s confidence in its long-term potential. Holding the key support level could drive further gains. A breakout above the resistance might trigger a rally toward $1,147.
Frequently Asked Questions (FAQs)
BNB is facing selling pressure due to the broader market downturn, with Bitcoin slipping below the $100K mark.
CZ emphasized BNB as a long-term hold, stating that investors who held BNB or BTC for over four years never lost money.
BNB recently retested the $661 support level, which previously acted as a strong resistance.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/binance-coin-price-prediction-cz-shills-bnb-as-long-term-hold/
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