A well-known cryptocurrency strategist thinks that one of the top five altcoins is about to see a significant breakout because of a historical pattern versus Bitcoin (BTC).
On the social networking site X, a pseudonymous cryptocurrency trader named Kaleo informs his 629,500 followers that Binance Coin (BNB), the native asset of Binance, the largest cryptocurrency trading platform in the world based on volume, has the potential to increase in value by 118%.
“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.”
Image: Kaleo/X
Based on his chart, the trader believes that BNB has broken out of a declining trendline and is now in a bullish trend. He believes that BNB might reach $1,300 after June.
Kaleo believes that BNB is creating a historical pattern versus Bitcoin (BNB/BTC), which has produced three previous instances of huge increases.
“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.
As of this writing, the price of BNB/BTC is 0.008752 BTC ($596.63), up more than 4.5% over the previous day.