The cryptocurrency market witnessed increased drama after prominent figures like Changpend Zhao and Sam Bankman Fried were arrested.
Despite this, Binance Coin (BNB), the cryptocurrency exchange’s native asset, performed well. The altcoin hit an all-time high of $720.67 about three months ago. BNB even rose by nearly 150% over the past year.
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At press time, Binance Coin was trading at $533.05, with a nearly 6% rise over the past 24 hours. This makes the asset 25% below the peak. The asset will have a bullish month but not as great as its June rally.
According to data from Changelly, BNB will surge to a high of $599.27. This price is still much lower than $720. As a result, $1000 is much further for BNB.
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Can Binance Coin Rise Despite This Forecast?
Market Unpredictability And Potential Uptick
The cryptocurrency market is unpredictable. Assets can either rise or fall by a huge margin. Binance Coin has several reasons for a potential uptick this coming month. Data from CoinGlass reveals that BNB’s long-to-short ratio supports a bullish forecast.
As seen in the picture above, there are more longs than shorts. About 52.2% were long bets, while 47.80% were on shorts. This ratio indicates a positive attitude in the BNB market. It is because a number over one demonstrates that more traders believe the asset’s price will rise.
In addition, Binance’s Zhao is set to be released from prison at the end of the month. CZ was hit with money laundering allegations and has been serving his sentence. He is expected to be set free on September 29.
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