BNB Price Could Skyrocket By Over 800%, According To This Crypto Analyst

BNB has been one of the best performers coming out of the long and drawn-out bear market of 2022. Even now, the altcoin continues to show a lot of strength

Cryptocurrency exchange Binance’s native token BNB has put up an impressive performance throughout 2023. Despite already rallying over 150% in the last year, technical indicators are still pointing towards further strength for the altcoin.

One crypto analyst believes that this sustained strength will propel BNB to astronomical heights, with a potential price increase of over 800% still on the cards. Here’s how the analyst arrives at this conclusion.

BNB Shows Strength On The Monthly Chart

A pseudonymous crypto analyst, who goes by the moniker Without Worries on the TradingView website, has shared an interesting outlook for the BNB price. The analysis uses the BNB monthly chart, showing that the altcoin remains bullish even after rallying over 150% in the last year already.

The analysis begins by highlighting that the BNB price action appears to be contained within a legacy uptrend channel. Such channels are quite rare, indicating that the altcoin has been in this uptrend channel since it launched. To put this in perspective, the crypto analyst points out that even altcoins like Litecoin fail to maintain a legacy uptrend channel.

Furthermore, the analysis notes that the BNB price is currently seeing its third test of resistance at the time that the initial analysis was posted, which was on June 3. This third resistance test comes after three years of consolidation. However, this time around, it’s looking more bullish for the altcoin following the resistance test.

One major factor driving the bullishness around BNB is the fact that the Stochastic RSI had crossed above 80. This is important because the last time that this had happened was back in May 2020, just before the coin went into a full-blown rally. “This is the same situation as today. Stochastic RSI remains with momentum for 182 days. Should history repeat, momentum continues until August / September,” the analyst stated.

Price Breaks Out Of Resistance

In a follow-up post, crypto analyst Without Worries revealed that the BNB price has now successfully broken out of the third resistance. Now, going back to the initial analysis, Without Worries points out that such a situation would trigger a massive breakout for the BNB price.

The top of the target for the BNB price is placed at $6,000, which is a more than 800% increase in price from here. “The bull flag pattern confirms a breakout AND support. A measured move from the flagpole of the last resistance breakout takes price action to $6000,” the analyst said.

As for the timeframe for when this will happen, the crypto analyst expects the rally to fully play out sometime in September. This means around 16 weeks or a little less than four months from now. If the analysis is correct, then BNB is just getting started.