BNBBTC has an amazing chart. It has been overall one of the best performing coins in the bear market, as it has actually increased in BTC value. However, I expect its BTC value to remain stagnant or go down a bit, since it hasn't really had a chance to correct much since increasing exponentially from last year. This doesn't mean it HAS to correct further, but I think it will at least touch the 14000-14100 support before going upwards. I think the upside for this coin in terms of BTC value may be limited for the time being. I did not think it would have a sustained coin burn pump in October, and I was right.
If BNB were to correct like most other coins, we can expect that it will go down to the next support level below 14000 (around 8100-8700), or even further to reach the orange uptrend line below at 5000. This scenario can happen if BTC increases OR decreases, as I believe people were using BNB to accumulate large amounts of BTC during the bear market, given the fact that its top coincides with BTC's June bottom.
Just my two cents on this coin. I think it's a great long term hold. Just might have to wait to buy. We have yet to see a convincing wave 2 of this coin's market cycle. I don't usually use elliott waves unless they're super obvious, and I think BNB just experienced an enormous wave 1. We are currently looking for the end of wave 2 before beginning another explosive wave 3.
This is not financial advice, and I am not a professional financial advisor. This is my idea on BNB and what I think could happen, given what I'm seeing.
-Victor Cobra