Bitcoin price was trading at $69,887 at the time this article was prepared, unable to push its all-time high further for now. However, there is exciting demand in altcoins. So much so that BNB Coin, one of the largest cryptocurrencies, climbed to new peaks above $500 today, motivated by the current BTC rally after a long wait.
Binance Coin (BNB)
Bitcoin price, which dropped quickly to $59,000, saw BNB Coin’s price fall to levels around $360. The settlement between Binance and the US Department of Justice and CFTC last November had already laid the groundwork for the current bull markets. Today, BNB Coin’s price has surpassed $530, a level not seen in 791 days.
We have been discussing the importance of the first quarter of 2024 since June 2023. Many significant events, including the Binance case, have shaped today’s favorable cryptocurrency markets. And today, after 791 days, BNB Coin’s price has climbed above $530.
BNB Coin Price Prediction
Closures above $538 on the monthly chart could lead BNB Coin’s price to reach new all-time highs. If the popular altcoin continues to linger in the key region and BTC remains strong, it could climb up to $694. However, the movement is expected to be seen when the anticipated rise for the 2024-2025 bull season begins.
What if BTC price fails to stay above $69,000 and BNB Coin pulls back? In that case, which levels are important? There is a significant support at $482 on the daily chart. If excessive selling breaks this support, BNB Coin price could retreat to the $430 region.
Subsequent supports are at $388, $345, and $317. BNB Coin is currently supported by the largest cryptocurrency exchange by volume, so a strong new all-time high is expected this bull season. However, historical data suggests that especially for altcoins, such large movements may not occur before the halving event.
Excessive demand in the ETF channel could have put us in a different process from previous cycles, but we may have reached days when it is important to carefully weigh stop regions in altcoins.
