Bitget Token (BGB) Price Reaches New All-Time High Behind Major Partnership
How Long Will BGB Continue Increasing? | Credit: Hameem Sarwar
Key Takeaways
- Bitget Token (BGB) reached a new all-time high price today.
- BGB has increased by over 800% since the start of the year.
- How long will this BGB price increase continue?
The BGB price has increased since its $0.83 low on Aug. 5. After creating a higher low, the upward movement accelerated in September. Today, on Nov. 25, BGB reached a new all-time high of $1.69.
Let’s analyze the price movement and attempt to determine how long the BGB upward movement will continue.
BGB All-Time High
The BGB price has increased rapidly since the start of the year, reaching its all-time high of 825%. In September, BGB broke out from a descending resistance trend line and accelerated its rate of increase.
On Nov. 25, BGB reached a new all-time high price of $1.69. Since the price is at an all-time high, the 1.61 external Fibonacci retracement of the decline can give the next target for the high. The Fib level gives a target of $1.87.
Technical indicators are bullish. The Relative Strength Index (RSI) broke out from its resistance trend line and is above 70. The Moving Average Convergence/Divergence (MACD) made a bullish cross (white icon) and is increasing.
So, the weekly time frame suggests that the upward movement of BGB will continue.
Bitget Token News
The main BGB news that could have led to this increase is a partnership with Major. Bitget announced it would partner with the Telegram game, allowing users to claim MAJOR airdrops through their Bitget accounts without gas fees. Additionally, Bitget launched a $195,000 MAJOR prize pool for users that deposit MAJOR into Bitget until Nov. 25.
Bitget also announced that it will enable Vietnamese Dong (VND) transfers through VietQR. It is the first cryptocurrency platform to integrate this payment method, facilitating payments by scanning a QR code. It is also worth mentioning that a 5.38 million BGB token was unlocked on Dec. 10. This is only 0.38% of the circulating supply, worth roughly $9 million at the current price.
What’s Next?
The wave count gives a bullish BGB price prediction. The most likely count suggests the price is in the fifth and final wave of its upward movement that started in July 2022. The entire upward movement is contained inside an ascending parallel channel.
In the upward movement, wave one was longer than wave three. Since Elliott Wave rules state that wave three cannot be the shortest, wave five has to be shorter than wave three. Therefore, the maximum target for the top of the current upward movement is $3.07. If wave five has the same length as wave three, it will end in March 2025.
Since the channel’s resistance trend line will be at $2.95 at the time, it could act as the high and not break the Elliott Wave rules. Afterward, BGB could begin a lengthy correction that retraces a portion of the entire upward movement.
New Highs Incoming
The BGB price has increased rapidly since September and reached a new all-time high today, on Nov. 25.
The long-term wave count suggests this increase could continue until March 2025, leading to a target near $3.
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