The Elliott wave rule of alteration forecasts a $70 target price for the Binance currency. Will BNB fall that low?

According to FXStreet, https://www.fxstreet.com/cryptocurrencies/news/elliott-waves-rule-of-alteration-suggests-a-70-target-for-the-binance-coin-price-202205132113?_gl=1*1ibmh3e*_ga*YW1wLVBMNm1xOWxCT2dxVHFGaFJuNzdVTDlkS3V4bVVfNGpKMWVoSjJ3ajQ5U0tXUnJuRGFka1lUbTNvUjZDSmFWZWk.

The Binance coin price provides several grounds to believe that a macro bottom might occur inside the $70 price range. According to Elliott Wave theory, corrections after an impulsive wave should have different price action. For example, if wave 2 is corrective, deep in price retracement, and takes little time to complete, wave four will usually be shallow in price retracement and can take a long period to complete the corrective structure. It should be noted that the cryptocurrency market is generally in decline with bitcoin moving from 31,000 mark to 25,000 mark in the space of 24 hours on the 11th - 12th of May before rising back to the 29,000 mark 24 hours later. This has affected other cryptos one way or the other including Solana which is a large ecosystem that powers a lot of NFTs and Quint which also powers NFT and has a good ecosystem.

Binance coin prices show shallow wave two corrections dating back to 2016. Even the current impulsive rebound that began after the Pandemic lows depicts shallow corrections with relatively brief times to complete the corrective structures. As a result, the Binance Coin Price is likely to undergo a time-consuming deep wave four correction.

A Fibonacci retracement level of 61.8 percent around the $700 all-time high since the epidemic lows predicts a retracement level of $77. As a result, the bearish macro thesis is more complicated. The downturn could take months or even years to play out, but it is unquestionably a plausible scenario that long-term investors should be aware of.

Nonetheless, markets rarely fall in a straight line. The BNB price may experience attractive countertrend rallies in the coming weeks. The current bearish downtrend is invalidated at $357. If the bulls can break through this level, the BNB price might hit $470, representing a 75% rise over the current Binance coin price.