Bitcoin (BTC) Can Form A God Candle If Binance Shuts Withdrawals

Major FUD has struck the crypto market as controversy triggers around the world’s largest cryptocurrency exchange Binance. Latest reports suggest that Binance is struggling to maintain its position amid current regulatory developments and has been selling Bitcoins in order to abate the BNB price drop.

Earlier this week on Tuesday, the BNB price tanked under $210 levels with its year-to-date losses extending above 30%. There’s a fear brewing in the crypto space that an FTX-like situation could pan out with Binance if the BNB price crashes further.

Amid these developments, the Bitcoin price is also witnessing some selling pressure with a push under $26,000. Crypto analyst Mike Alfred suggests that if Binance were to suspend withdrawals, Bitcoin can actually bounce back strongly forming a god candle. He wrote:

“CZ is dumping Bitcoin again today trying to hold up the value of BNB. It’s not working. BNB is bleeding out. I expect a $200 break, potentially within 48 hours. After Binance shuts withdrawals for all customers, BTC will rally. Could even see a God candle. Will be fun”.

Binance (BNB) Coin to Drop Under $200?

The BNB price has bounced back from yesterday’s low of $205. As of press time, Binance (BNB) Coin is up 2.5% trading at $213 with a market cap of $32.9 billion.

But analyst Alfred believes that the BNB price can further drop under $200. He said: “Hard BNB bounce at $204 back over $205 and the BTC sell pressure magically relents. CZ’s affiliated market makers are not doing a very good job masking this behavior. It’s too obvious”.

Other market players have also joined in the Binance criticism. Popular trader Peter Brandt wrote: “I have stated for years that CZ and @binance is a global scam and $BNB just a cheap fiat. Watch it all unravel”. 

It’s too early to say anything at this moment, however, the crypto market is awaiting an assurance from Binance chief Changpeng Zhao who has yet to comment on the developments.