Key Takeaways
A $1,000 price target for BNB could be conservative, according to CryptoQuant analyst Joao Wedson. AMBCrypto agrees, and the exchange token is projected to reach $1,187 in the coming weeks.
Binance Coin [BNB] reached a new all-time high of $850 on the 28th of July. Over the past five weeks, the Binance exchange token has rallied 35%.
Even though Bitcoin [BTC] saw its momentum stalled over the past ten days, BNB continued to drive higher.
Source: Joao Wedson on X
In a post on X, CryptoQuant analyst and founder of Alphractal Joao Wedson noted that a $1,000 BNB target might be conservative for the coming month.
He noted that historically, whenever the BNB/ETH pair makes a major high, Bitcoin [BTC] is at a local top or bottom. Right now, the BNB/ETH is only at 0.25.
If a $1,000 target is conservative, how high can we expect BNB coin to go in the coming days and months?
Can BNB reach $2,000 in 2025?
It is notoriously difficult to predict what prices assets can reach, and when.
The normalized risk return on Joao Wedson’s post on X shows that even though BNB closed in on $1k, the risk metric was relatively low compared to the 2021 peak levels. The market was not yet in a euphoric state.
Source: BNB/USDT on TradingView
The weekly chart showed that the area from $700 to $850 had sizeable fair value gaps left behind. These could be potentially filled by a price retracement, but are not guaranteed to be.
The $765-$840 in particular lined up with the highs from December, making it a strong demand zone.
The OBV has not made a new high, even though the price has. This was a slight warning sign for investors, showing a lack of consistent, intense buying pressure in recent months.
The RSI was at 72, highlighting firm bullish momentum.
The Fibonacci retracement and extension levels showed that the next price targets were $886, $1,037, and $1,187.
Source: TOTAL2 on TradingView
During the previous bull run, after the altcoin market cap climbed above the January 2018 high, it pushed higher by 260%.
Right now, the altcoin market cap is at $1.54 trillion, having breached the 2025 resistance at $1.24 trillion.
When it climbs above the $1.71 high, and history repeats with another 200% run, the altcoin mcap could reach $5.1 trillion.
This might be an extremely optimistic estimate, but crypto cycles have a habit of going crazy. In such a scenario, a $2,000 BNB does not sound outlandish.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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