Key Takeaways:
- BNB shows a similar pattern to previous cycles.
- A potential buying opportunity appears tomorrow.
- If history repeats, BNB could reach $3,400 and $8,500.
Master Kenobi tweeted recently about how BNB took the most unexpected steps right after the last Bitcoin halving. It has been 264 days in an ATH zone when surprises can happen anywhere and are around each corner.
That sets up the cryptocurrency today in roughly the same place it was versus the last Bitcoin halving. And if history can serve as a guideline, the price is about to go through the roof. Estimates put BNB’s orange line at $3,400, and its red line at $8,500. If so, altcoin season will be officially on.
A Structure Worth Watching
Looking at the price action of BNB compared to Bitcoin through two cycles, there is quite a structure here that seems to closely be in line with the 2021 cycle. At the same time, it has passed the volatility period around 263 days in that market when it was starting a very sharp price move upwards for the cryptocurrency. Back then, it was only about 21 days from the local bottom.
Now, however, 47 days have passed since the current bottom. This could be a sign that a new phase is beginning, in which the market may start to show more convincing signs of bullishness. The cycles don’t have to match perfectly, but the comparison gives a good idea of where the cryptocurrency currently is in the market.
Opportunity Looms for BNB Holders
As for immediate trading opportunities, it sets up a structure for what could potentially be the final buying opportunity. In any case, the point is that in analysis, the green stage is now showing for BNB, though it’s expected that the red will come along real soon.
Tomorrow, that level will mark an important date where the RSI can break upwards above the MA on an hourly chart; then, the price can set the stage upward. Investors would not want to miss this as a signal showing that BNB is about to make a great shift in the price trajectory.
The market behaviors of BNB have tended to mirror patterns set in previous cycles that perhaps could give it some hints about its performance. If the past is any indicator, BNB could scale explosively, and the much-wished-for altcoin season may actually start pretty well sooner than expected. Coming days will be vital for a determination of whether the same history will once again repeat itself.
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