The weekly time frame chart shows that the BGB price has increased rapidly since the beginning of August. The upward movement became parabolic in November, and the price has increased without any noticeable pullbacks.
While BGB increased by an impressive 40% in November, it was even more bullish in December, posting gains of nearly 90%. Today, Dec. 11, the BGB price reached a new all-time high of $3.15.
Technical indicators are bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing and above their bullish thresholds.
Also, despite the parabolic increase, neither the RSI nor MACD have generated bearish divergences.
Since BGB is at an all-time high, looking at the wave count can help determine the next areas for potential tops.
Bitget Token News
Ryan Lee, Chief Analyst at Bitget Research commented on the growth of BGB, stating that it is still undervalued despite breaking new highs. He stated:
If Q1 2025 really continues to rise as expected by the market, both the price of BGB and other benefits such as Launchpool obtained by holding BGB will be more considerable.
Lee said that other positive Bitget news are its ranking among other centralized platforms. The derivatives trading volume trails only Binance while downloads of the Bitget app in October were 1.92 million, trailing only Binance and OKX. Monthly visits also increased by 266% compared to October 2023.
Lastly, Lee discussed the success of launchpools, stating that:
Since September, Bitget has conducted up to ten launchpools including ORDER, CEC, MAK, WAT, CATS, PUFFER, CROS, X, SWELL, and PEAQ. The yield of Bitget Launchpool has been increasing in recent times. The prices of CROS, SWELL, and PEAQ have far exceeded the market’s pre-market expectations. The community has received very positive feedback on BGB Pool APR. The latest launch, Zircuit (ZRC), is a project supported by top VCs such as Binance Labs, Pantera Capital, and Dragonfly.
Lee believes that these facts make BGB undervalued despite trading at an all-time high.
What’s Next for BGB?
The most likely wave count suggests that BGB is in the fifth and final wave of an upward movement that started in August 2022. Wave five has extended, and the sub-wave count is black.
Because of its extension, wave five has the same length as waves one and three combined. While this area is often the top, the sub-wave count suggests more room to grow.
So, the level could act as the local top, marking the end of sub-wave three. Then, after a slight correction, BGB could increase to the next target at $4.43, giving wave five 1.61 times the length of waves one and three combined.
This would be a new BGB all-time high, after which a length correction could follow, retracing a portion of the upward movement starting in August 2022.
BGB Nearing Top
The BGB price has increased rapidly since November. While the upward movement is still likely to have one more high, BGB may have reached a local top and could reach its cycle top soon.
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.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
