As the crypto folks eagerly anticipates the release of Binance founder Changpeng "CZ" Zhao from prison on September 29, 2024, speculation is rife about the potential impact on Binance Coin (BNB). The question on everyone's mind: Will CZ's release drive BNB to $650?

The Rise and Fall of BNB

The journey of BNB's price has been closely tied to CZ's legal troubles. When CZ began his four-month prison sentence on June 3, 2024, BNB reached a peak of $720. This momentary triumph was short-lived, as the price subsequently plummeted by 45% to $400 in the following weeks.

However, the resilience of BNB has been evident in recent months. Since hitting its low in August, the price has rebounded impressively, surging by 50%. September has been particularly strong for BNB, with a 27% increase bringing the price to around $600. This upward trend has defied the typical "red September" phenomenon often observed in crypto markets.

CZ's Journey: From Binance to Prison and Back

CZ's legal troubles began in November 2023 when he pleaded guilty to violating the Bank Secrecy Act by failing to implement adequate know-your-customer (KYC) programs at Binance. In April 2024, he was sentenced to four months in prison and fined $50 million. As part of the plea deal, CZ also stepped down as CEO of Binance.

The crypto mogul reported to Lompoc II, a low-security federal prison in California, on June 3, 2024. After serving three months, CZ was transferred to a halfway house in San Pedro, California, in late August. His imminent release on September 29 marks the end of his 118-day custody.

The $650 Question

As CZ's release date approaches, our poll poses a crucial question: Will this event catalyze a BNB rally to $650? With the current price hovering around $600, it appears that the market has already factored in some positive sentiment. However, the potential for further growth remains a hot topic among crypto enthusiasts and analysts. Several factors could influence BNB's price movement in the coming weeks. Market sentiment towards Binance and BNB might receive a boost from CZ's release. Although no longer CEO, CZ's influence on the crypto space remains significant, and his return to the public eye could impact investor confidence. Additionally, the conclusion of this legal chapter might provide some regulatory clarity for Binance, potentially affecting market perception. However, it's crucial to remember that broader crypto market trends will play a significant role in BNB's performance, and these external factors could either amplify or dampen any CZ-related effects.

Looking Ahead

The coming weeks will reveal whether CZ's release will indeed be the catalyst for a BNB rally to $650 and beyond. While past performance is no guarantee of future results, the resilience shown by BNB in recent months suggests that the market remains optimistic about its prospects.

Investors and traders should remember that the crypto market is highly volatile and unpredictable. As always, thorough research and careful consideration of risk factors are essential before making any investment decisions.

The countdown to September 29 continues, and all eyes are on BNB. Will it reach the coveted $650 mark? Only time will tell.