Binance Coin (BNB) Price Could Cruise to $1,100 if Trump Pardons CZ

The BNB price remains stuck at $600, a range it has remained in for the past few weeks. This consolidation, however, could be a calm before the storm

Bankless founder Ben Armstrong says he's spotting a chart pattern that could push Binance Coin (BNB) to new highs this year if Donald Trump grants Changpeng Zhao a pardon.

In a recent YouTube update, Armstrong says the crypto behemoth is forming a cup and handle pattern, which is a bullish chart formation that signals a continuation of the previous uptrend.

According to Armstrong, the pattern is complete if BNB can close above the psychological level of $1,000. A move of this caliber would also pour over into other altcoins.

“[It would be] the final confirmation that we’re in a new bull market and that we’re going to see altcoins surge once again. It would be incredible.”

Trump has already pardoned several key players in the crypto industry, including Arthur Hayes, Roger Ver, and Ross Ulbricht. The odds of a CZ pardon have also risen now that Trump's family is doing business with Binance through the World Liberty Financial.

"It's a small world, and I think it bodes well for the chances of a pardon."

However, if BNB drops below the Fib level of 0.382, then the bullish outlook will be invalidated. A move of this nature would send a signal that bears have prevailed against BNB bulls, which could push the token to test its 2022 lows of around $350.

"If we break down below that Fib level, then we could be setting up for a move to try and retest the 2022 lows."

As of Monday morning, BNB is trading at $611.87 and has risen by 0.64% in the past 24 hours.

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