BNB was one of the top performers after a long and drawn-out bear market in 2022. Even now, the altcoin continues to show great strength, suggesting that its bull run is far from over. According to one crypto analyst, this expected BNB price enhance may last longer and result in a higher-than-expected price, predicting a price enhance of over 800% from here on out.

BNB shows strength on the monthly chart

A pseudonymous cryptocurrency analyst who goes by the pseudonym Without Worries on the TradingView website common engaging prospects for the BNB price. The analysis uses the monthly BNB chart, which shows that the altcoin remains bullish even after rising above 150% already in the last year.

“No worries” indicates that BNB price action appears to be in a current uptrend channel. Currently, such channels are uncommon because it means that the altcoin has been in this uptrending channel since its launch. To put this into perspective, a cryptocurrency analyst points out that altcoins such as Litecoin are among those that have failed to maintain the current upward trend channel.

Moreover, the analyst points out that the BNB price is currently in the third resistance test at the time of publication of the preliminary analysis, i.e. on June 3. The third test of resistance comes after three years of consolidation. However, this time after the resistance test, the altcoin looks more bullish.

One of the main factors driving the rally around BNB is the fact that the stochastic RSI has breached the 80 level. This is critical because the last time this happened was in May 2020, just before the coin entered full-fledged growth. “It’s the same situation as today. The stochastic RSI continues with momentum for 182 days. If history repeats itself, the momentum will continue until August/September,” the analyst said.

The price breaks the resistance

In a follow-up post, cryptocurrency analyst Without Worries revealed that BNB price has successfully broken through the third resistance. Going back to the initial analysis, Without Worries points out that such a situation would cause a massive breakout in the BNB price.

The upper limit of the BNB price target is $6,000, which represents a price enhance of over 800% in this case. “Bull flag pattern confirms breakout AND support. A bold move from the mast of the last resistance break takes the price action to $6,000,” the analyst said.

As for the time frame in which this will occur, the cryptocurrency analyst expects the rally to fully conclude sometime in September. That means in about 16 weeks, or a little less than four months. If the analysis is correct, BNB is just getting started.

Featured image created with Dall.E, chart from Tradingview.com