BNB has emerged as one of the standout performers in the crypto market, defying the bearish trends of 2022. The altcoin’s strength continues to impress, leading one crypto analyst to believe that its upward trajectory is far from over. According to this analyst, the BNB price could soar by over 800%, reaching a staggering $6,000 in the process.
Without Worries, a pseudonymous analyst on TradingView, has shared an intriguing outlook for BNB’s future. By analyzing the altcoin’s monthly chart, Without Worries observes that BNB remains bullish despite already experiencing a 150% rally over the past year. The analyst identifies a legacy uptrend channel that BNB has maintained since its inception, setting it apart from other altcoins like Litecoin that failed to sustain such a channel.
Notably, BNB is currently undergoing its third test of resistance after three years of consolidation. However, this time, it appears more favorable for the altcoin, signaling a potentially bullish trend. Further reinforcing the optimism, the Stochastic RSI has recently crossed above 80, a situation that previously preceded a significant rally in May 2020. Without Worries suggests that a similar rally could unfold, with momentum potentially lasting until August or September.
In an update, Without Worries reveals that BNB has successfully broken through the third resistance level. According to the initial analysis, this breakout could trigger a massive price surge for BNB. The analyst sets the target price at $6,000, representing an astonishing 800% increase. Furthermore, the presence of a bull flag pattern confirms the breakout and support, with the price poised to follow the measured move from the last resistance breakout to reach this target.
The crypto analyst anticipates the rally to materialize fully by September, giving BNB roughly 16 weeks or less than four months to accomplish this feat. If accurate, this prediction suggests that BNB’s current performance is merely the beginning of an extraordinary journey.