Binance Price Prediction 2024: BNB Price Analysis
What's next for Binance?
Key Takeaways
- Binance is the world’s largest crypto exchange and BNB is its native coin.
- The platform’s founder, Changpeng “CZ” Zhao, pleaded guilty to fraud charges and is serving a four-month sentence.
- The BNB price has fallen since its all-time high of $717 in June 2024.
On April 30, 2024, Binance founder Changpeng Zhao was jailed for four months after pleading guilty to charges of contravening anti-money laundering violations brought by the United States Securities and Exchange Commission (SEC). Zhao, who quit as Binance CEO in 2023, is one of a small group of billionaires to be sent to prison.
On July 8 2024, Binance was worth about $515.
Binance did not respond to a request for comment.
Let’s now take a look at our own price predictions for Binance’s BNB coin, made on July 8 2024. We will also examine the Binance price history, and talk a little about what Binance (BNB) is and what it does.
Binance Price Prediction
Here are CCN’s BNB price predictions, made on July 8 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.
| Minimum BNB Price Prediction | Average BNB Price Prediction | Maximum BNB Price Prediction | |
|---|---|---|---|
| 2024 | $480 | $540 | $600 |
| 2025 | $720 | $1,785.66 | $4,100 |
| 2030 | $7,400 | $9,200 | $11,000 |
There are two methods used to create our Binance price predictions. More specifically, predictions are created using fractals (mirroring movements and indicator readings) and the wave count.
The mean of the two predictions gives the average Binance price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.
Fractal Method
The weekly RSI for BNB fell into oversold territory for the first time in December 2018. This catalyzed an upward movement that led to a new yearly high and caused the RSI to move into overbought territory. A bearish divergence in the RSI (green) led to a temporary market cycle top.
After a 385-day correction, BNB started another upward movement that led to the all-time high price of $691 in May 2021. The second bearish divergence (red) marked the top of the entire market cycle.
The RSI fell to oversold territory again in September 2023 and the price began an upward movement shortly afterward. This ended with the first bearish divergence in overbought RSI territory in May. If the previous pattern is followed, BNB has started a lengthy correction, after which an upward movement will begin. The entire increase is likely to end once the RSI moves into overbought territory again.
While both the 2019 and 2024 increases had similar duration, the 2019 had a magnitude of 3.24 times that of 2024.
Projecting an increase that has the same duration but is 3.24 times smaller lead to a new all-time high price of $8,250 in February 2026. A similarly shaped increase leads to a Binance coin price prediction of $600 and $4,100 for 2024 and 2025, respectively.
Wave Count Method
The wave count indicates that BNB started a five-wave upward movement in May 2022. If the count is accurate, the price is now correcting inside wave four. Wave three extended, and the sub-wave count is in black.
If waves four and five have 0.61 times the length of waves one and three, the entire increase will end in September 2025. A potential target for this high is at $1,090, found by the 4.21 extension of wave one. However, a more accurate target will likely present once wave four has ended.
Projecting a similar shape of increase for waves four and five as for waves two and three leads to a Binance price prediction of $480 and $720 for the end of 2024 and 2025, respectively.
Finally, we use the daily rate of increase for the past five years to make a prediction for the price at the end of 2030. In the 1,820 days since July 2019, BNB has increased by 1,600%, for a daily rate of increase of 0.89%.
Projecting this increase until the end of 2030 leads to a high of $9,200. Adding and removing 20% to this target leads to the minimum and maximum Binance predictions for 2030.
Binance Price Prediction for 2024
The fractal and wave count methods both give similar predictions for the Binance price at the end of 2024. The reason for this is that they both suggest the BNB price has begun a lengthy correction. However, since the shape of the correction differs slightly, the fractal method gives a slightly higher prediction.
Binance Price Prediction for 2025
The fractal and wave count methods give vastly different Binance price prediction for the end of 2025. This is because the rate of increase for the final upward movement is much higher in the fractal method. As a result, the actual targets for the top of the increase are $720 and $4,100.
Binance Price Prediction for 2030
The Binance price prediction for the end of 2030 uses the current rate of increase. A price between $7,200 and $11,000 is likely if a similar rate of increase continues for the foreseeable future.
Binance Price Analysis
The daily time frame BNB price chart shows a decline under a descending resistance trend line since the yearly high on June 6. The decline led to a low of $454 on July 5, causing a breakdown from the $520 horizontal support area.
However, BNB regained its footing and is attempting to reclaim the area. If it does, the resistance trend line will be at $550.
Technical indicators do not confirm whether the increase will lead to a breakout or not. Both the RSI and MACD are downtrending in the long-term, and even though a short-term increase has started, it has not been combined with a bullish divergence in the RSI.
So, whether BNB breaks out from the $520 area and the resistance trend line will likely determine the future trend’s direction. Since the wave count implies BNB is in wave four of a five-wave increase, it is possible the breakout will lead to more consolidation, rather than a rapid increase toward a new all-time high.
Short-Term Binance Price Prediction
The Binance price prediction for the next 24 hours is based on the assumption that the Binance price will reach the resistance trend line. While the daily time frame readings are inconclusive, the short-term chart shows an A-B-C corrective structure. Giving waves A:C a 1:1 ratio leads to a high of $550, reaching the resistance trend line.
If a similar rate of increase continues, the Binance coin price predictions implies the price will trade will inside the $520 resistance area in the next 24 hours, a price similar to that of today. However, it might reach the resistance trend line at $550 by the end of the week.
BNB Average True Range (ATR)
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days.
A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels.
On July 8, 2024 BNB’s weekly ATR was 63, implying average volatility. The ATR has been declining since May 2021 when it was at 107 but has increased in 2024 from its 21 lows. divided by the $516 Binance coin price, the ATR is 0.12.
Binance Relative Strength Index (RSI)
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and 30 show overbought and oversold conditions, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
On July 8, 2024, the BNB weekly RSI was declining and at 50, a sign of a neutral trend. Whether it bounces or breaks down can determine the future trend’s direction.
Binance Price Performance Comparison
BNB is the biggest centralized exchange (CEX) token, so let’s compare it with other similar tokens.
Advantages and Disadvantages of Binance
Blockchain analytics company Messari recently released its quarterly report on the Binance coin . It highlighted that the Binance blockchain benefitted from interest in stablecoins and decentralized exchanges, and outlined some key advantages and disadvantages of the blockchain.
It reported that Binance had
- 1.3 million average active daily addresses, up from one million both year-on-year and quarter-on-quarter.
- 4.3 million average daily transactions, up from 3.3 million year-on-year but down from 4.6 million quarter-on-quarter.
- An average market cap of $92.5 billion, up year-on-year from $50.2 billion and up quarter-on-quarter from $48.9 billion.
- Quarterly revenue of $66.8 million, up from $56.8 million the previous year and up from $39.2 million the previous quarter.
Advantages of Binance
Messari found that Binance
- Was able to grow its customer base despite uncertainty.
- Worked on increasing the amount of staking options available on the platform.
- Had a “robust” decentralized finance (DeFi) ecosystem and was working well on growing the network.
Disadvantages of Binance
Messari also found that Binance
- Had to deal with the SEC’s legal action.
- Had seen its gaming sector drop over the course of the quarter.
- Experienced a drop in its average daily transactions due to a fall in inscription-related activity.
BNB Price History
Let’s take a closer look at the Binance price history. While past performance isn’t necessarily indicative of future results, understanding what BNB has done can help us contextualize future predictions.
2017-2018: When it first came onto the open market in the summer of 2017, BNB was worth about $0.10. It rose above $1 later that year and surpassed $10 in 2018.
2019-2020: During these years, BNB saw moderate growth but remained relatively stable compared to the broader crypto market.
2021: Things really started to get interesting in 2021. The crypto market boomed, and Binance Coin skyrocketed, hitting an all-time high of $690.93 on May 10. A variety of factors, including Binance’s own UK ban, saw the price drop over the year, but it still managed to close 2021 at around $500.
2022: However, 2022 was a tough year for both crypto and BNB. The coin suffered through the collapse of the Terra (LUNC) blockchain and FTX’s bankruptcy, not to mention an SEC investigation into claims BNB was an unlicensed security. It closed the year at $246.45.
2023: The situation improved somewhat in 2023. BNB reached a high of $350.07 on April 17. After that, though, it settled down, and the slump became a crash following the SEC lawsuit. It reached a low of $222.07 on June 12. In the weeks after, it made a small, but underwhelming, recovery, reaching $248.51 on August 2. BNB closed the year at $312.44, an annual rise of 25%. This meant the coin underperformed against a market that more than doubled in 2023.
2024: By February 22, BNB was worth about $382.60. March saw it break past $600 for the first time in more than two years as Bitcoin hit an all-time high, peaking at $641.48. It then dropped, and Zhao’s jailing saw it fall even further, reaching about $549 on May 1. It then went up to $591.44 on May 7, 2024. On June 5, it reached a new all-time high of $706.97. However, the price has fallen since.
| Period | Binance Price |
|---|---|
| Today (July 8, 2024) | $513.97 |
| Last week (July 1, 2024) | $581.65 |
| Last month (June 7, 2024) | $692.22 |
| Three months ago (April 8, 2024) | $580.17 |
| Last year (July 8, 2023) | $234.48 |
| Launch price (July 26, 2017) | $0.1059 |
| All-time high (June 5, 2024) | $706.97 |
| All-time low (July 26, 2017) | $0.1059 |
Binance Market Cap
The market capitalization, or market cap, is the sum of the total number of BNB in circulation multiplied by its price. On July 8, 2024, Binance’s market cap was $79,3 billion, making it the 4th largest crypto by that metric.
Who Owns the Most Binance Coins?
On July 8, 2024, the five wallets with the most Binance (BNB) were:
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 11,977,116 BNB, or 49.62% of the supply.
- 0xbb4cdb9cbd36b01bd1cbaebf2de08d9173bc095c. This wallet held 2,389,710 BNB, or 9.90% of the supply.
- 0x4b16c5de96eb2117bbe5fd171e4d203624b014aa. This wallet held 1,364,102 BNB, or 5.65% of the supply.
- 0x489a8756c18c0b8b24ec2a2b9ff3d4d447f79bec. This wallet held 1,020,095 BNB, or 4.23% of the supply.
- 0xa07c5b74c9b40447a954e1466938b865b6bbea36. This wallet held 482,568 BNB, or 2.00% of the supply.
Binance Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Maximum Supply | 200,000,000 |
| Circulating supply as of July 8, 2024 | 153,800,000 – 75% of maximum supply |
| Holder distribution as of July 8, 2024 | Top 10 holders owned 75.99% of supply |
From the Whitepaper
In its technical documentation, or whitepaper , Binance says that it was designed to solve the technical limitations, security issues and token availability issues that plagued exchanges when it came out.
As far as the Binance’s BNB coin goes, the whitepaper said: “We will issue our token coin, called the Binance Coin. A strict limit of 200MM BNB will be created, never to be increased. BNB will run natively on the Ethereum (ETH) blockchain.”
It is worth pointing out that, in 2019, Binance launched its own blockchain and moved BNB onto it.
Binance (BNB) Explained
The Binance cryptocurrency was originally launched in 2017. Initially, it was a token based on the Ethereum blockchain but, in 2019, it migrated to its own blockchain, the Binance Smart Chain. This, chain ended up being rebranded as the BNB Chain in February 2022.
The idea behind the BNB chain is that it serves as a support to not only the exchange, but also the entire Binance online ecosystem, which includes the Binance Wallet, Binance Academy training program, the Binance launchpad, which helps people create their own decentralized applications, and its own research project.
The BNB coin pays for fees on the network, and people can buy, sell, and trade it on exchanges. Holders can also vote on proposals regarding the network’s future. They can also stake it in return for rewards.
How Binance Works
Something that sets BNB apart from other cryptos is that it has a strong burning program. Binance destroys a certain amount of the coin every three months or so. The ultimate aim is to burn 100 million BNB, or around half the maximum supply. The last automated burning took place in January 2024, with more than two million BNB destroyed.
Binance’s blockchain uses something called a Proof of Staked Authority. This involves people staking their BNB in the hope of being allowed to add blocks to the blockchain and earn rewards for doing so. The Binance platform itself chooses the successful validators.
Is Binance a Good Investment?
It is difficult to tell at this time. Although Zhao resigned and his successor, Richard Teng, is looking to the future, there will, at least in the near-future, be a dark cloud hanging over the prospects of the BNB coin. Its founder’s jailing will not have helped matters, either.
On the other hand, markets have proven to be resilient, and it is not impossible to think that the crypto could make something of a recovery at some point, although we do not know when that might be.
As always with crypto, you will need to do your own research before deciding whether or not to invest in BNB.
Will Binance go up or down?
No one can really tell right now. A lot of sites are incredibly bullish in the long-term. Those sites, like most price predictions, very often end up being wrong. Remember, too, that prices can, and do, go down as well as up.
Should I invest in Binance?
Before you invest in Binance, you must make sure to do your own research, not only on BNB but on other coins and tokens linked to cryptocurrency exchanges, such as Crypto.com’s Cronos (CRO) coin. Ultimately, though, you will have to make this decision for yourself. Just remember to never invest more money than you can afford to lose.
FAQs
Will BNB reach $1,000?
What is BNB used for?
Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange.
Will BNB reach $1,000?
What is BNB used for?
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
