As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the current surge in BGB is quite captivating. Having closely observed the crypto market’s volatility and its propensity for the unexpected, I find it prudent to approach this analysis with caution, yet optimism.
Boosted by recent favorable news surrounding Bitget’s cryptocurrency exchange, its native token, BGB, has soared by more than 10% over the past day. For a brief moment during the Asian trading hours on Tuesday, this altcoin reached an unprecedented peak of $3.65 before experiencing a slight pullback.
As the positive sentiment surrounding the BGB token grows, it’s expected that its price increase will continue in the near future, and here’s the reasoning behind this prediction.
Bitget Receives Market’s Attention
In the past day, BGB experienced an 11% rise, placing it at the forefront of market gains. This price surge can be attributed to the news that Bitget has been awarded a Bitcoin Service Provider (BSP) License in El Salvador, which is viewed as a major advancement for the platform’s growth.
After hearing the latest news, people’s feelings about the altcoin became more optimistic, as indicated by its weighted opinion. According to Santiment, BGB’s weighted opinion surpassed the zero line on December 16, overturning three straight days of negative assessments. At present, this metric is at 0.33.
This tool assesses the general sentiment (either positive or negative) towards a specific cryptocurrency across social media and online forums, based on the overall number of mentions and the balance between favorable and unfavorable comments. A higher proportion of positive comments compared to negative ones suggests a more optimistic outlook on the cryptocurrency.
Moreover, data from the Elder-Ray Index by BGB supports a positive outlook. At present, the index’s value stands at 1.23, positioned above the zero line.
As a crypto investor, I follow the Elder-Ray Index, which gauges the market’s bullish and bearish sentiments by examining the balance between buying and selling activity (Bull Power versus Bear Power). When this index is positive, it indicates that there’s more buying enthusiasm in the market than selling, hinting at a possible upward trend.
BGB Price Prediction: One Of Two Things May Happen
Currently, BGB is being traded at $3.60, slightly short of the resistance level established by its recent record high of $3.65. If there’s continued demand, the cryptocurrency might regain this peak and potentially push beyond it into the $4 price range.
If profits are made instead, this bullish prediction might not hold true. Under such circumstances, the value of the BGB token might lose its recent progressions and drop down to $2.98.
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2024-12-17 12:41