CZ, the former CEO of Binance, has just been moved from prison to a "halfway house".
This means that he is now being prepared for his final release in September this year.
Recall that Zhao was jailed for failing to maintain AML policies at Binance.
Meanwhile, analyst Bluntz believes BNB could soon be headed towards $1,000.
CZ’s release might be the ultimate catalyst for this price jump.
This week, reports surfaced that Changpeng “CZ” Zhao, the former CEO of Binance, has been moved from prison to a different facility in Los Angeles.
This comes as Zhao awaits his scheduled release on 29 September. He was sentenced to four months in jail for the lack of effective AML programmes on Binance.
This week, the United States Federal Bureau of Prisons (BOP) reported that Zhao had been transferred to the Residential Reentry Management (RRM) field office.
This comes after the former CEO was released from his former holding facility in Lompoc, California.
While there are no clear indicators of why Zhao was moved, the internet is abuzz with news of his release, which is less than a month away.
Zhao's legal troubles began in November 2023, when he resigned from his position at Binance and pleaded guilty to felony charges.
This was part of a settlement agreement in which Binance was ordered to pay a staggering $4.3 billion in fines, and Zhao was banned from serving as an executive in any crypto firm in the future.
Overall, there is no evidence that Zhao has been released from the RRM facility, and the BOP website still lists his official release date as 29 September 2024.
This is where things get interesting.
While Zhao's release is still a subject of speculation, market analysts are now turning towards Binance's native crypto, BNB.
According to recent insights from Bluntz on Twitter, we might be gearing up for an incoming 72% price increase from current price levels.
BNB is close to $1,000
Bluntz, who is best known for correctly predicting Bitcoin's 2018 bottom, believes that BNB “has one of the cleanest high-timeframe charts."
The analyst says that BNB’s consolidation under its previous all-time high (at $721), along with a sweep of both the top and bottom range, is forming a "TI-one" setup.
In essence, he believes that BNB could reach $1,000 very soon.
Keep in mind that BNB is currently trading at around $578 at the time of this writing and is in the middle of a megaphone pattern on the daily chart.
Watch out for BNB
This means that it is very close to breaking above the $684 price level that Bluntz highlighted in the chart he shared.
BNB's break above this $684 resistance would make it poised to retake its $721 all-time high and continue upwards to $1,000.
As it turns out, CZ's release around 29 September might trigger this.
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