Highlights
- BNB hits new all-time high at $793, surpassing its 2021/2022 resistance levels after 1,350 days of consolidation.
- Analysts predict BNB could rise 100%-200%, with a potential peak of $1,500 based on its ecosystem utility.
- Whale buys $8.16M in BNB, pushing their total holdings to $27.53M, signaling confidence in long-term value.
Peter Brandt made a bold prediction earlier this week, forecasting that Binance Coin (BNB) price would reach new all-time highs.
As of today, his prediction has proven to be accurate, with BNB price surpassing its previous record price and hitting a new peak. This surge marks a significant moment in the asset’s price history and has drawn the attention of both analysts and holders.
Peter Brandt’s BNB Price Forecast
Peter Brandt shared a tweet showing a chart that highlighted the potential for BNB price to break through its previous resistance levels. According to the chart, BNB had recently retested the same price levels it had reached in 2021 and 2022, before falling short.
Brandt suggested that the coin was poised for a breakout. At the time, BNB was trading at around $742.63, and Brandt’s tweet indicated that new all-time highs were within reach.
By the end of the day, BNB had surged to a price of $793.35, setting a new all time high. As of press time, the BNB price had slightly pulled back to $729.15, but the coin is still above its previous all-time highs.
Binance Coin Price Action and Market Sentiment
The recent rally of BNB price to a new all time high represents more than just a simple price increase. After being confined within a narrow trading range for over 1,350 days, Binance Coin has finally broken out, driven by substantial trading volume. This breakout has drawn positive attention from analysts, many of whom are now projecting that BNB could see further gains in the coming months.
Some analysts have even predicted that the coin could rise by 100% to 200% from its current price, potentially reaching a new peak of $1,500 or more.
$BNB has recently surged past a 4-year trading corridor. After being confined within a rectangle for about 1,350 days, it has now broken out with significant volume. Analysts are forecasting a potential increase of 100% to 200% from the present price. Keep an eye on#BNB… pic.twitter.com/hZI4jcEgiA
— CryptoBull_360 (@CryptoBull_360) December 4, 2024
The increase in BNB price could be attributed to several factors, including the coin’s utility within the Binance ecosystem, which includes lower fees and a variety of decentralized applications (dApps) built on the BNB Chain. As the market begins to price in these advantages, BNB’s price could continue to climb.
Changpeng Zhao’s Perspective on BNB’s Surge
Changpeng Zhao, the former CEO of Binance, has also commented on the recent surge in BNB’s price. Despite the excitement surrounding the coin’s new all-time high, Zhao cautioned against becoming overly focused on price movements.
He emphasized the importance of continuing to build and develop the Binance ecosystem, stating that the journey is more important than short-term price fluctuations. Concurrently, recent data reveals that a whale has made a significant purchase of BNB, spending $8.16 million to acquire over 10,800 BNB tokens at an average price of $755.
This large purchase adds to the growing interest in BNB as a store of value. As of now, the whale holds a total of 36,422 BNB, worth $27.53 million.
Despite concerns over security vulnerabilities, such as sandwich attacks targeting BNB Chain’s decentralized exchanges, BNB’s price has remained resilient. This suggests strong market confidence in the coin’s future, with investors looking beyond short-term security issues to focus on the long-term potential of the Binance ecosystem.
CoinGape