In this paper, we consider the problem of sequential transmission over the binary symmetric channel (BSC) with full, noiseless feedback. Naghshvar et al. proposed a one-phase encoding scheme, for which we refer to as the small-enough difference (SED) encoder, which can achieve capacity and Burnashev's optimal error exponent for symmetric binary-input channels. They also provided a non-asymptotic upper bound on the average blocklength, which implies an achievability bound on rates. However, their achievability bound is loose compared to the simulated performance of SED encoder, and even lies beneath Polyanskiy's achievability bound of a system limited to stop feedback. This paper significantly tightens the achievability bound by using a Markovian analysis that leverages both the submartingale and Markov properties of the transmitted message. Our new non-asymptotic lower bound on achievable rate lies above Polyanskiy's bound and is close to the actual performance of the SED encoder over the BSC.