BNB Price Gear Up for Multi-Year Breakout; Is $2,000 Next?

BNB price remained in a tight range on November 13 even as Bitcoin made a strong bullish breakout to a new all-time high. Binance Coin was trading at $635.35, a few points below this week’s high of $666.60 as some analysts predicted that it was on the verge of a multi-year breakout, potentially to $2,000.

BNB Price Could Be Ripe For A Bullish Breakout

Crypto analysts are unfazed by the ongoing Binance Coin consolidation, with some expecting it to ultimately have a strong bullish breakout. In an X post, one analyst predicted that it would soon surge to $2,000 in this bull run. Such a move would imply a 220% jump from the current level.

In another post, YoungCryptoWolf noted that the BNB coin price was consolidating and slowly making its way toward an all-time high resistance. He expects that the coin will make a strong bullish breakout when it flips the resistance level at $722. 

Binance Coin Is Forming A Cup And Handle Pattern

Meanwhile, the weekly chart also shows that the BNB price was forming a cup and handle pattern, which is one of the most bullish signs in the market. C&H is characterized by a rounded bottom, followed by a lengthy consolidation or a pullback. 

A key challenge with the C&H pattern is that it can take weeks or months to form. In BNB’s case, the handle section has been forming since March this year. 

A complete break above the all-time high of $720 will mean that bulls have prevailed, which will push it significantly higher than where it is today. By measuring the distance between the upper and bottom sides of the cup, we can estimate that the next target will be at least $1,145. For this to happen, BNB will need to first flip the crucial resistance at $1000. 

The bullish view will become invalid if the coin drops below the key support level at $400, its lowest level in August, and the lower part of the handle. A drop below that level will point to more downtrend, potentially to $187. 

The top catalyst for Binance Coin price will be the ongoing crypto bull run, which has pushed Bitcoin to $91,000. In most periods, altcoins like the BNB coin rally when Bitcoin is in an uptrend.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.