The market setup is starting to echo the 2021 bull market, when BNB’s breakout to new highs marked a turning point to a full-blown altseason, and an even more bullish Binance coin price outlook.
Up 25% since early June, this latest rally may be just the opening move for the altcoin, underpinned by improving market conditions and a strong technical setup.
Geopolitical and macroeconomic FUD has largely cleared, replaced by a wave of pro-crypto regulatory momentum that continues to unlock sidelined capital for risk-on assets.
With the GENIUS Act now signed into law and the CLARITY Act expected to follow in October, bullish catalysts now extend well beyond “Crypto Week,” setting a stage for continued upside.
Popular analyst Blockchain Backer drew attention to the historic pattern, noting a correlation between new Binance Coin price highs and the altcoin market cap chart, “totals 3.”
Looking back at 2021, when BNB formed a new all-time high, it marked the start of a full-blown altcoin season as the Totals 3 chart went parabolic.
While there have been all-time highs since then, global trade wars and geopolitical conflict have sidelined capital from risk assets.
Now, with market conditions warming, this latest high could see a repeat of 2021.
This comes with a rapid rise in the altcoin season index, increasing from 20 to peak at 55 since the month began — though still far from the 75 considered a full altseason.
While this has since stalled at 41 as overbought conditions trigger a correction across altcoins, the door is open for further demand as bullish sentiment grows.
While the Binace coin price chart does show hallmarks of a correction, it followed similar price action in 2021, with an immediate pullback following its all-time high.
The RSI has bounced at the neutral 50 level after dropping from deep overbought territory around 80, hinting at a potential local bottom as buyers ease back in.
Similarly, the MACD is beginning to flatten below the signal line, often an early sign of a reversal on the 4-hour time frame, indicating the recent downtrend may be losing steam.
This coincides with BNB affirming support at the lower boundary of an ascending channel that has guided its recent rally, reinforcing the strength of the broader uptrend.
If momentum continues to improve, BNB could soon retest resistance at $810, and a decisive breakout above that level would usher the coin into a new price discovery phase.
Should BNB also break above the channel’s upper trendline, the next key level sits at the 1.618 Fibonacci extension around $894, marking a potential 16.5% gain from current prices.
As analyst Blockchain Backer suggests, such a move could confirm that this all-time high marks a pivotal moment, with the momenumn to support a sustained upwards move.
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