Binance Coin (BNB) and Bitcoin Cash (BCH) Flashing Bullish Signals

There is a knowledgeable crypto strategist who has positive outlooks on two well-liked altcoins, despite the markets experiencing a period of stability.

Firstly, the analyst, who goes by the name Kaleo on Twitter and has over 593,300 followers, believes that Binance Coin (BNB) is an excellent deal if purchased under $250.

By studying the charts, Kaleo predicts that BNB may reach the $300 price point and even surpass the April high of slightly over $340 within the last quarter of 2023.

“BNB back to $300

But you wouldn’t ‘bullieve’ it.”

BNB is trading at $248 at time of writing.

According to a crypto strategist who wishes to remain anonymous, Binance is currently flying under the radar, but they predict that it will soon become a popular topic once its value increases.

“The funny thing is – no one is talking about BNB right now – but, when it finally does take off here in a bit it’s big enough that EVERYONE will be.

And everyone will talk about how obvious it was in hindsight.

But… somehow it isn’t obvious now.”

The next cryptocurrency we will discuss is Bitcoin Cash (BCH). According to Kaleo, when compared to Bitcoin (BTC), Bitcoin Cash has greater potential for growth.

“After sitting on the sidelines for a few days, I punted another BCH long.

Really like the way it’s looking vs. BTC here for the potential of seeing one last leg higher.”

The analyst, known as Jack, who has 243,100 Twitter followers, suggests that BNB is expected to rebound soon as it currently trades close to its support level of $230.

As per the crypto strategist, there is an increase in the number of BNB bears who are investing in the fourth-largest altcoin based on market capitalization. This may lead to a short squeeze, fueled by their activity.

“Rejection of supply yesterday, at range low, squeezes are opportunities for positioning so far, and shorting range low puts you at risk of getting squeezed. Lots of open interest piled up overnight with shorts paying a premium.”

Based on Jack’s chart analysis, it seems that a short squeeze might occur. This happens when traders borrow an asset, hoping to sell it later at a lower price to make a profit.