A popular cryptocurrency analyst has voiced his optimism for two popular altcoins, Binance Coin ($BNB) and Bitcoin Cash ($BCH), suggesting both could see their prices surge further in the near future.
The pseudonymous analyst, known as Kaleo on the microblogging platform Twitter, has been advising his audience of nearly 600,000 about the potential of BNB, the native token of the Binance Smart Chain. Kaleo argues that the token, priced below $250, represents a good bargain at the moment.
His analysis suggests a potential return of BNB to the $300 price range, and perhaps even an upward surge toward its previous high of just over $340, witnessed in April. All of this could possibly unfold in the final quarter of 2023.
The analyst further points out that despite the Binance Coin not generating significant buzz currently, he anticipates a shift in its media attention once it begins its ascension.
BNB is the native token of the leading cryptocurrency exchange Binance as well, and is used in a number of promotional offers on the platform. Binance was sued by the SEC last month, with the regulator accusing the exchange of unlawful securities exchange in a move that sent shockwaves throughout the cryptocurrency space.
Binance has denied these allegations, expressing disappointment in the SEC’s decision to abandon a negotiated settlement process and resorting to litigation. The company has pledged to defend its platform with determination, criticizing the SEC’s regulatory approach as lacking the nuanced understanding required for such a dynamic and complex technology.
The lawsuit saw a major holder of BNB reawaken after two years to sell a portion of their holdings on the market, raking in substantial profits and signaling an intriguing shift in the behavior of crypto whales.
Kaleo also notably commented on Bitcoin Cash ($BCH), a cryptocurrency that saw its price skyrocket earlier this month after the Fidelity, Charles Schwab, and Citadel-backed EDX Markets started trading with it listed.
Kaleo noted that he decided to invest in BCH as he likes the way it’s looking compared to the flagship cryptocurrency and sees potential of seeing “one last leg higher” in the near future.
Bitcoin Cash was created back in August of 2017 as a result of a hard fork of the Bitcoin blockchain at the end of a years-long scaling debate, and is at the time of writing trading at 0.0087 BTC per token, according to CryptoCompare data.
Featured image via Unsplash.