Despite BNB demonstrating considerable strength in its trading activities for most of 2024, the legal challenges faced by the Binance crypto exchange in the United States have been a key factor contributing to volatility since late 2023.
The situation is likely to see a significant shift for BNB with the upcoming release of Changpeng Zhao, Binance’s founder and former CEO, from prison on September 29, 2024. Given the historical impacts of Zhao’s guilty plea and incarceration on the token, as well as his influential role within the community, his release is expected to act as a major catalyst for bullish momentum in the crypto market.
Experts have turned to advanced AI models such as ChatGPT to predict how BNB might react upon Zhao’s release. The AI models acknowledge the turbulence caused by Zhao’s legal issues on BNB but suggest that the token’s performance will mostly depend on overall market conditions rather than solely on his release.
While forecasting some volatility post-Zhao’s release, the AI models see the impact as potentially short-lived. They anticipate a scenario where BNB could reach $570 to $600 following the release, representing an increase of up to 10.70% from its current price of $542.44.
Furthermore, the AI models suggest that Zhao’s return could reignite discussions around regulatory treatment of digital assets, potentially generating some bearish pressure alongside positive market reactions.
Reflecting on historical trends where BNB rebounded from setbacks fairly quickly, analysts suggest that the broader market conditions will likely have a more significant influence on BNB’s performance post-Zhao’s release.
Despite the uncertainties surrounding the release date, the overall trading performance of BNB in 2024 has been positive, with recent weeks showing a steady rise in price. Technical analyses support a favorable outlook for BNB, rating it as a ‘buy’ based on various trading periods.
It is important to note that the provided content is not intended as investment advice, and investing in cryptocurrencies involves risks.