In late May 2023, Binance Coin (BNB) demonstrated resilience in the market, reaching new local highs. Analysts suggest BNB could show notable growth this cycle.
Current Situation with Binance Coin
Despite the turbulence among altcoins, Binance Coin has remained stable, achieving a new local high on May 28. Since then, BNB's price has only dipped by 6%, indicating its relatively strong position compared to competitors.
Price Targets for BNB in the Bull Market
Crypto analyst Crypto Patel shared an optimistic outlook for BNB's price in this bull cycle, suggesting targets between $1200 and $2000. He noted that BNB has broken out of a long-term consolidation pattern and is already on a bullish trajectory.
Fundamental Factors Supporting BNB Growth
Patel believes the fundamentals behind Binance Coin are robust with the dominance of the Binance ecosystem in crypto trading and blockchain infrastructure. Recent developments, such as the SEC's dismissal of its case against Binance and increased visibility of BNB on U.S. exchanges, may contribute to further growth.
The outlook for Binance Coin appears optimistic, bolstered by both technical and fundamental factors. Despite market volatility, BNB may achieve significant success in the current bull cycle.
