A closely followed crypto strategist believes one top-five altcoin is on the verge of a massive breakout based on a historic pattern against Bitcoin (BTC).
Pseudonymous crypto trader Kaleo tells his 629,500 followers on the social media platform X that Binance Coin (BNB), the native asset of the world’s largest crypto exchange platform by volume, Binance, could soar by 118% from its current value.
“BNB to about $1,300 on this move actually doesn’t sound too crazy. Lines up well with the targets on the BTC ratio chart as well.”
Looking at his chart, the trader suggests that BNB has entered a bullish trend after breaking out of a descending trendline and could hit $1,300 sometime after June.
BNB is trading for $596.63 at time of writing, up slightly in the last 24 hours. BNB reached an all-time high (ATH) of $686.31 on May 10th, 2021.
Kaleo thinks that BNB is forming a historic pattern in its price action against Bitcoin (BNB/BTC), which his chart indicates has led to massive gains three previous times.
“Every major BNB rally has followed the same playbook vs. BTC.
- Establish base range.
- Briefly break beneath range (deviation).
- Reclaim.
- Giga-send to new ATH. Following this trend, the best place to buy has been on the reclaim, which is where it is right now.
Send it to $1,000.”
BNB/BTC is trading for 0.008752 BTC ($596.63) at time of writing, up more than 4.5% in the last 24 hours.
Generated Image: Midjourney
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