BNB Price Hits New All-Time High – $1,000 Within Reach

Key Takeaways

• The BNB price reached a new all-time high on Dec. 4.
• BNB has increased nearly 20% so far in December.
• Can the BNB Price maintain its increase until $1,000?

The BNB price had increased rapidly since the beginning of November when it broke out from its corrective pattern.

The increase accelerated further at the beginning of December. So far, the BNB price is creating a weekly bullish candlestick with a magnitude of nearly 20%.

The BNB price reached a new all-time high of $779 today. How much further can BNB increase, and could it reach $1,000? Let’s find out.

BNB All-Time High

The BNB price has increased since falling to a low of $400 on Aug. 5. Initially, the upward movement was gradual and contained inside a symmetrical triangle. However, BNB broke out from the triangle by creating a bullish, engulfing candlestick in the first week of November.

After struggling with the $650 resistance area, BNB finally broke out above it this week, leading to a new all-time high of $777.

Because of the increase, BNB flipped SOL to become the fifth-largest cryptocurrency based on its market capitalization. BNB now trails only Bitcoin (BTC), Ethereum (ETH), XRP, and USDT.

The wave count indicates that BNB is in the fifth and final wave of its upward movement that started in June 2022. The first target area for the top of this increase is between $883 and $922.

The target is created by giving wave five 0.618 times the length of waves one and three combined (white) and by the 1.61 external Fibonacci retracement of wave four (black). An extension of wave five can lead to a target of $1,089.

Technical indicators support this increase. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing and above their bullish thresholds. Additionally, the MACD has made a bullish cross (black icon).

Interestingly, the RSI just crossed above 70. In the previous cycle, the price increased by 1,600% after the RSI did so. So, the weekly time frame suggests the BNB price has more room to grow.

More Room to Grow

The daily time frame readings align with the weekly ones, suggesting the BNB price increase will continue. The sub-wave (black) count shows that BNB is in sub-wave three, which has extended. The minor sub-wave count is in yellow.

The daily RSI and MACD have no weaknesses, supporting the positive wave count.

Sentiment on X is also bullish, and several traders predict the increase will continue toward $1,800  and even $2,100. 

Because of the extension, the long-term wave five will likely extend toward the higher target at $1,089, while sub-wave three could end between $883-$922.

BNB to $1,000

The BNB price reached a new all-time high today, culminating in an upward movement ongoing since Aug. 5.

The price action shows that BNB has more room to grow. The first area for a potential top is between $883 and $922, but BNB could potentially extend to $1,089.