Bitget Token (BGB) Price Creates Bullish Pattern — Eyes Fresh All-Time High

Key Takeaways

• Bitget Token (BGB) reached its all-time high on Dec. 29.
• The price trades inside a descending parallel channel.
• Can BGB break out and reach another all-time high?

Bitget Token has been one of the standout performers of the current market cycle. The price has increased over 3,300% since the start of 2023, reaching its all-time high of $8.50 in December 2024.

While the price has fallen slightly, it has shown strength relative to the rest of the market, retracing nearly all of its Feb. 3 decline.

With the price approaching the resistance, all eyes are on whether BGB can break out and reach a new all-time high.

BGB Reaches All-Time High

BGB started a parabolic rally on Nov. 5, 2024, increasing by 660% in only 52 days and leading to a new all-time high price of $8.50. While the price has fallen since, the decrease is contained inside a descending parallel channel, which usually holds corrective movements.

This means that an eventual breakout from the channel is the most likely future outlook.

On Feb. 3, Bitget Token reached the channel’s support trend line and bounced, creating a very long lower wick and a bullish hammer candlestick (white icon).

Today, the BGB price trades in the channel’s upper portion, making an eventual breakout more likely. If one happens, BGB could increase to a new all-time high price.

While the price action is bullish, technical indicators are neutral. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are both at their bullish thresholds at 50 and 0, respectively, failing to confirm the trend’s direction.

With that in mind, let’s look at the wave count and see where BGB might head next.

What’s Next for BGB?

The most likely wave count suggests the BGB price is in the fifth and final wave of its upward movement that started in July (white). The sub-wave count is in black, indicating that BGB has started the final sub-wave.

This will be confirmed with a breakout from the channel which contains wave four.

Wave five has already extended considerably. However, a breakout from the channel could push it further, giving it 4.61 times the length of waves one and three combined. This would take BGB to $11.43, nearly double the current price.

Technical indicators have started to show weakness, but not enough to lead to a bearish trend reversal. The RSI is falling and has nearly crossed below 70, while the MACD has created several consecutive smaller momentum bars.

In a textbook five-wave increase, the BGB price would reach a new all-time high, completing wave five while the RSI and MACD would generate bearish divergences.

This would mark the top of the market cycle, after which a significant correction could occur.

Final Rally for 2025

The BGB price has corrected inside a descending parallel channel since its all-time high. The correction likely ended on Feb. 3 with the creation of a bullish candlestick.

Therefore, a breakout from the channel will confirm this BGB prediction, leading to a new all-time high of $11.41.