Is $BNB ready to surge another 800%?

After emerging from the long bear market of 2022-2023, Binance Coin ($BNB), a token issued by Binance, has become one of the most impressive performing cryptocurrencies in the current market. Although in the past After breaking through new highs within a week, the token suffered a correction of more than 12%, but investors' attention remained unabated.​

Recently, an anonymous cryptocurrency analyst "Without Worries" shared his outlook on the price of $BNB on the data analysis provider TradingView. He predicted that the price of $BNB is expected to surge by 800% in this bull market, and eventually Reaching $6,000.​

Strong performance on monthly chart

Using the monthly chart of $BNB for analysis, Without Worries noted that $BNB price is in a traditional uptrend channel, which it has been trading in since its launch. Such a situation is very common in the cryptocurrency market. Very rare.​

Image source: TradingView

According to analysis by Without Worries, $BNB price already tested resistance for the third time on June 3. The results of this resistance test show that $BNB has more bullish potential than ever before. It is worth noting that the relative strength index (RSI) has exceeded 80, which is one of the important indicators of bullishness in the market.​

Without Worries says the Stochastic RSI has maintained momentum for 182 days, showing that even after already rising over 150% over the past year, $BNB still has a lot of bullish potential, and if history repeats itself, this bullish momentum will continue until 8- September.​

In addition, Without Worries also observed the emergence of a "bull flag pattern", indicating that the positions of resistance and support have been established. If the resistance level can be broken in the next period of time, it will be regarded as a very strong bullish signal.

Chance to hit $6,000 "this time"

As for the time frame for the target to be reached, Without Worries expects the rally to be fully over by some time in September. This means that roughly 16 weeks from now, if $BNB can maintain its current momentum, we could see significant price gains over the next few months, with a price target capped at $6,000, which is equivalent to the current An increase of over 800% in price.​

At the time of writing, $BNB is trading at $609, up 1.2% in a single day and down 13% in a single week, and is down about 14% from its recent all-time high of $717.

Image source: CoinGecko

As $BNB gradually breaks through new price highs, market expectations for its future are gradually increasing. However, investors also need to remain cautious as the cryptocurrency market is highly volatile and unpredictable.