The cryptocurrency exchange Binance has faced several major setbacks – mostly stemming from U.S. regulators – throughout 2023. The troubles started in earnest when, in June, the Securities and Exchange Commission (SEC) revealed it was suing the company.
Furthermore, American watchdogs announced in November that they have secured a guilty plea both from the firm and from its CEO, Changpeng Zhao, as part of a settlement aimed at concluding their investigation, and in December, reports claiming that the SEC is also looking to secure a guilty plea have also emerged.
These events had a notable effect on BNB and saw its price fall from about $300 at the start of June to just above $230 after the SEC suit was unveiled. Binance Coin again experienced a notable decline after Changpeng Zhao stepped down as CEO following his guilty plea from approximately $253 to $227.
Picks for you
Despite the adverse developments, BNB has proven its relative stability after the emergence of bad news and has managed to evade spiraling out of control in the periods between the announcements.
As a result of these factors, and considering that Binance is likely to soon emerge from its legal woes, Finbold decided to consult Google’s (NASDAQ: GOOGL) artificial intelligence (AI) platform – Bard – on where Binance Coin might stand on New Year’s Day.
Google Bard predicts the BNB price range for New Year’s Day
Google Bard’s predictions for the price of Binance Coin on January 1, 2023, highlight – if nothing else – the immense aura of uncertainty that currently surrounds the cryptocurrency. Based on the information it has available and on BNB’s performance throughout the year, the AI stated that Binance Coin may find itself anywhere between $210 and $300 on New Year’s Day.
Bard explained that BNB has so far proven its resilience and overall strength of the Binance ecosystem while acknowledging its robust burn mechanism and likely headwinds from increasing regulatory clarity, meaning that it might just soon enter a bull run.
On the other hand, the AI also pointed out that neither Binance nor the overall crypto market is entirely out of the woods yet due to remaining regulatory pressure and with black swan events like hacks and exploits still being relatively common.
When pressed to offer a smaller range, Bard conceded that it considers a scenario in which BNB finds itself between $230 and $250 to be the most likely. The AI, however, stressed that it has a low level of confidence in this prediction.
Crypto expert also signals BNB might surge
Interestingly, on December 13, the same day Finbold consulted Bard on how BNB might fare, the crypto analyst Ali Martinez made an X post stating that the Binance Coin appears to be making a head-and-shoulders pattern – a price chart pattern generally considered as one of the most reliable technical analysis (TA) indicators for determining likely future price moves.
BNB’s price has, apparently, formed a reverse head-and-shoulders pattern – generally a bullish signal – and Martinez pointed out that should Binance coin succeed in retaining levels above the $261 “neckline,” it may break out to as high as $310.
Indeed, the recent trends and predictions back the setup created by another crypto expert, CoinsKid, who, in mid-October, estimated that BNB might pump as much as 40% from its price at the time and reach $300. The prediction was largely based on the observation that there have been five waves of weekly bullish divergence building.
BNB price analysis
Regardless of whether BNB manages to break out by January 1, 2024, the string of bad news throughout 2023 has certainly taken its toll. Despite this, due to the most recent rally in the crypto market and the cryptocurrency’s already depressed state at the end of 2022, Binance Coin is actually 2.76% year-to-date (YTD).
Despite Zhao’s departure, BNB has overall been having a decent month and is up 4.01% in the last 30 days. The recovery is even more pronounced in the last week as the cryptocurrency is 4.91% in the green for the period. Its price stands at $250.39, and it is down 0.78% in the latest 24 hours of trading.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
