🚀The crypto space has heated up in the past few weeks, with every influencer and technical analyst calling the end of the bear market. Binance Exchange has been instrumental in the success of the crypto sphere, and its native token, BNB coin, has performed exceptionally well. In the previous bull market, BNB hit an all-time high of $691.8, and many believe in the next bull run, it may exceed $1,000. 

Let’s discover the chances of BNB hitting four figures in the next bull run.

BNB Coin Price History

When it launched on October 19, 2017, BNB traded at $0.039 per token. Over the past 6 years, the coin has gained 585,818% and is currently trading at $232.84 as of November 23, 2023, 12:46 P.M. UTC.

BNB has had a volatile journey between its ATL and its ATH prices. BNB coin launched at the end of the 2017 bull run and has only experienced a bullBNB Coin Price History

When it launched on October 19, 2017, BNB traded at $0.039 per token. Over the past 6 years, the coin has gained 585,818% and is currently trading at $232.84 as of November 23, 2023, 12:46 P.M. UTC.

BNB Price Prediction

BNB has been in a gigantic descending triangle since April 2021. It is becoming increasingly difficult to predict the price of assets as the global balance of economies experiences significant shifts.

Since 2020, when the Covid-19 P(l)andemic ravaged the world, technical analysis went from being a reliable price prediction tool to something that offers a 50/50 chance of being right. For instance, Tesla stock (TSLA) experienced the most significant increase throughout 2020, while all other stocks crashed. 

Chart by Tradingview

In the same spirit, the BNB coin chart shows that the asset is up for a crash soon since descending triangles often break to the downside. 

However, this may not be the case, given the current crypto regulatory atmosphere. 

Bitcoin and Ethereum Spot ETFs – The Ace Card

Under normal circumstances, investors should expect the BNB coin to break below the $185 support and test lows not seen since early 2021. However, the current crypto landscape of potential ETF approvals may cause bearish charts like BNBs to turn bullish quickly.

While descending triangles have a greater chance of breaking to the downside, there is also a slim chance of breaking to the upside. For this to happen, fundamental solid news is needed – such as an ETF approval.

Blackrock, one of the largest asset managers in the world, filed for a Bitcoin Spot ETF. This is major bullish fundamental news for all cryptos, including BNB, because the SEC rarely rejects Blackrock. 

Out of 576 ETF applications, Blackrock has gotten 575 approved. The 576th application is the Bitcoin application. If the past track record is anything to go by, then the SEC will approve Blackrock’s BTC Spot ETF application – it’s only a matter of time.

Can BNB Price Hit $1000 in the Next Bull Run?

Yes.

When the next bull market starts, BNB can hit and even break the $1000 mark. Binance exchange holds a critical position as the gatekeeper of the crypto space. Removing Binance from the picture is impossible since no other crypto exchange provides features as extensive as Binance and BSC network.

Binance could break out of the descending triangle when a Bitcoin spot ETF gets approved.

Key resistance areas are $350, $438, and $642. After that, BNB enters the price discovery zone. Key support areas are $223.21, $200.5, and $181.5. Below this, BNB crashes to 2021 lows of $78 and $40.

Author’s Opinion

BNB is going to rise simply because Biannce is too big to fail. The SEC came hard after Binance and managed to oust Changpeng Zhao from Binance’s leadership. They replaced him with their very own Richard Teng, who the World Economic Forum controls. It was either they crashed Binance, or they got control of it. The latter was more profitable for them. Now that the last front has been subdued, we expect to see all the delayed Bitcoin Spot ETF applications get approved, probably all simultaneously.