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Bitget’s BGB Surges to All-Time High, $4 Price Target in Sight

2 mins
Updated by Daria Krasnova
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In Brief

  • BGB surged 11% to hit an all-time high of $3.65, driven by Bitget securing a Bitcoin Service Provider license in El Salvador.
  • Positive weighted sentiment and Elder-Ray Index readings confirm bullish momentum, with buying pressure exceeding selling pressure.
  • BGB eyes $4 target if buying continues, but profit-taking could trigger a decline toward $2.98.
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Fueled by recent positive developments for the cryptocurrency exchange, Bitget’s native token, BGB, has rocketed by double digits in the past 24 hours. The altcoin briefly traded at a new all-time high of $3.65 during Tuesday’s Asian session before witnessing a slight correction. 

With a strengthening bullish bias, the BGB token price is poised to extend these gains in the short term. This analysis details why.

Bitget Receives Market’s Attention

BGB has increased by 11% in the last 24 hours, making it the market’s top gainer. The price jump follows the announcement that Bitget has been granted a Bitcoin Service Provider (BSP) License in El Salvador, a move seen as a significant step for the exchange’s expansion.

Following the news, market sentiment towards the altcoin quickly turned positive, as shown by its weighted sentiment. According to Santiment, BGB’s weighted sentiment crossed above the zero line on December 16, reversing three consecutive days of negative readings. As of now, the metric stands at 0.33.

This metric analyzes social media and online platforms to gauge the overall tone (positive or negative) surrounding a cryptocurrency. It considers the volume of mentions and the ratio of positive to negative comments. When weighted sentiment is positive, it indicates more positive comments and discussions about the cryptocurrency than negative ones.

BGB Weighted Sentiment
BGB Weighted Sentiment. Source: Santiment

Further, readings from BGB’s Elder-Ray Index confirm this bullish bias. As of this writing, the indicator’s value is 1.23, sitting above the zero line.

The Elder-Ray Index indicator measures the strength of bulls and bears in the market by comparing buying pressure (Bull Power) and selling pressure (Bear Power). When the value is positive, the market is experiencing more buying pressure than selling, suggesting a potential uptrend.

BGB Elder-Ray Index
BGB Elder-Ray Index. Source: TradingView

BGB Price Prediction: One Of Two Things May Happen

As of this writing, BGB is trading at $3.60, just below the resistance level formed by its new all-time high of $3.65. With sustained buying pressure, the altcoin could reclaim this price peak and surge past it toward the $4 zone

BGB Price Analysis
BGB Price Analysis. Source: TradingView

However, if profit-taking activity commences, this bullish projection could be invalidated. In that scenario, the BGB token price could shed its recent gains and fall to $2.98.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Abiodun Oladokun
Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
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