Bitget Token (BGB) Defies Market Lull—Market Conditions Point to Possible Correction

Key Takeaways

• Wave 5 targets Fibonacci levels at $7.56, $8.12, and $8.83.
• Strong support lies between $5.08 and $4.71 retracements.
• RSI is in overbought territory, signaling potential short-term consolidation or a pullback.

Bitget Token (BGB) has experienced a parabolic surge, reaching an all-time high fueled by strong bullish momentum.

However, with the Relative Strength Index (RSI) indicating overbought conditions, the token may be primed for short-term consolidation.

Despite this, the ongoing Wave 5 structure points to potential further upside, with key Fibonacci extensions offering additional target levels.

BGB Price Analysis

The daily chart reveals a sharp price movement, guided by Elliott Wave theory from Wave 1 to Wave 5.

Prior to the breakout, BGB spent an extended period below $1.50 in a consolidation phase, setting the stage for the subsequent rally.

The price has surged since Wave 1, with Wave 5 pushing BGB near $6.60—suggesting the current phase is one of extreme bullish momentum, yet nearing exhaustion.

The breakout above the $1.50 mark was a critical milestone, both psychologically and technically.

Wave 3, the strongest in the pattern, saw an aggressive climb accompanied by increasing volume.

Wave 4’s shallow correction reinforced buyer strength, setting the stage for the final push in Wave 5.

However, RSI signals that the price could face a retracement, given the overbought conditions.

Key Observations

• Price broke out from a prolonged accumulation below $1.50.
• RSI shows overbought conditions, suggesting potential trend exhaustion.
• The parabolic structure raises caution for possible sharp corrections.

BGB Price Prediction 

Looking at the 1-hour chart, Bitget Token is continuing its bullish wave structure.

The price has recently completed Wave 4 of a lower degree and is currently progressing through Wave 5.

Fibonacci extensions mark several key target levels, suggesting that BGB has the potential for further gains, although intermediate pullbacks are likely.

The breakout above the 1.618 Fibonacci extension at $6.77 marked the start of the current upward push.

While a minor pullback to around $6 is possible, the overall trend remains bullish, with no immediate signs of reversal.

Wave 5 extension targets are projected at $7.56 (2.0 Fibonacci extension) and $8.12 (2.272 Fibonacci extension), reinforcing the expectation of continued upside.

Key Levels to Watch

• Immediate resistance: $7.56 (2.0 Fibonacci extension) and $8.12 (2.272 Fibonacci extension).
• Major resistance: $8.83 (2.618 Fibonacci extension).
• Immediate support: $6.77 (1.618 Fibonacci extension).
• Critical retracement support: $5.49 (1.0 Fibonacci), $5.08 (0.786 Fibonacci), and $4.71 (0.618 Fibonacci).