BGB rebounds with Morph partnership, token burn, and rising network activity | Credit: Hameem Sarwar
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Key Takeaways
BGB broke out of a symmetrical triangle, supported by a bullish crossover and rising momentum indicators
Bitget revealed a deal with Morph Chain, transferring 440M BGB — half burned, half locked with gradual release.
Glassnode data shows a spike in active BGB addresses, signaling higher usage and demand beyond passive holding.
BGB, the utility token of crypto exchange Bitget, has reclaimed the $5 mark after climbing 5% in the past 24 hours.
The rebound follows Bitget’s announcement of a strategic partnership with the on-chain consumer finance project, Morph.
Before the announcement, BGB moved in step with the market’s decline. But today, the story has flipped.
In this analysis, CCN explains why Bitget’s utility token is rebounding and what could happen to BGB’s price.
Bitget Token Steals the Spotlight
Between Aug. 12 and Sept. 2, BGB traded sideways within a symmetrical triangle.
However, at the time of writing, the token has broken above the pattern’s upper trendline, signaling a clear shift in momentum.
Price action briefly touched $5.14 before a minor retrace, and a closer look at the chart shows that this surge was fueled by improving momentum indicators.
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As part of the deal, Bitget will transfer 440 million BGB tokens to Morph.
Of this supply, 50% will be burned, permanently reducing circulation, while the remaining 220 million will be locked, with 2% released each month.
“The Morph Foundation will burn 220 million BGB in a single action. The remaining 220 million will be locked, with 2% released monthly, to support liquidity incentives, use case expansion, education, and awareness around BGB on the Morph chain,” Bitget emphasized.
Amid this development, Glassnode data shows a notable rise in BGB’s active addresses. More wallets are sending, receiving, and interacting with the token.
Why does this matter? Rising active addresses mean real demand. It shows users aren’t just holding; they’re using. Usage fuels liquidity, which fuels trust, and could push prices higher.
Simply put, the price rarely stays quiet when the network comes alive. Hence, the BGB token is likely to trade higher.
BGB Price Prediction: No Downturn
On the daily chart, BGB’s structure mirrors the bullish setup in the 4-hour timeframe.
The Awesome Oscillator (AO) has flipped back into positive territory, signaling that bullish momentum is building.
The BGB token could breach resistance at $5.46 if this strength continues. A breakout opens the path to the 0.786 Fib level at $6.80.
From that point, the token could lay the groundwork for a new all-time high at $8.51. In an extremely bullish scenario, BGB might even extend to $13.45.
BGB/USDT Daily Chart | Credit: TradingView
Alternatively, this bullish projection could collapse if the altcoin fails to clear its overhead resistance. In that case, BGB risks sliding back to $3.58, testing lower support levels.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
