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 Chart
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.
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