BNB On The Rise: Analysts Predict Easy Path To New ATH As It Nears $600

BNB Continues to Soar: Experts Anticipate Smooth Journey to New ATH Approaching $600

Binance Coin (BNB) has defied the regulatory scrutiny faced by Binance in recent months and embarked on a bullish run. After nearly hitting the $600 mark, the token experienced an impressive surge of 13.7%. Analysts are now predicting that BNB may soon achieve a new all-time high (ATH) within the next few months.

As the crypto market rallies, Bitcoin continues to break ATH after ATH, and altcoins are gradually recovering to pre-bullish run levels. BNB has also experienced this upward trend, with a surge of over 13.7% in the past 24 hours. Furthermore, it is currently approaching a critical support level that may propel its value even higher during this cycle.

While the price increase can be partially attributed to market dynamics and BTC’s performance, the recent announcement of (ETHFI)’s launch on the Binance Launchpool has also contributed to the price surge. This introduction enables users to farm ETHFI by staking their BNB.

Crypto analyst Altcoin Sherpa expressed their forecast for the token as it approached the $600 mark. According to Altcoin Sherpa, given BNB’s recent performance, it is evident that a path to the previous ATH level is clear. The analyst stated, “This one goes to ATH easily, and this was kind of obvious IMO.” They shared a chart illustrating BNB’s performance since its ATH of $686.3, which is currently only 13.51% away. Notably, the token has seen predominantly green candles on a weekly basis since 2024, and only green candles since February.

Over the past month, BNB’s price has risen from fluctuating between the $300-$320 range to hovering between $520-$590, marking an increase of over 80%. Despite the positive outlook, Altcoin Sherpa anticipates minor pullbacks along the way, but ultimately sees BNB soundly breaking the ATH within the next couple of months.

Similarly, pseudonymous crypto trader and analyst Captain Faibik pointed out that the token has gained over 120% since his prediction of reaching a new ATH by the first half of 2024. Captain Faibik’s forecast was made at the end of 2023, and the current performance seems to support this projection.

Despite facing legal scrutiny, BNB has been able to sustain its recovery. Split Capital, a crypto hedge fund, noted that the token has increased its market capitalization by over $50 billion since Binance settled with the Department of Justice (DOJ) for $4 billion in November. With a market cap of $91.22 billion, BNB now holds the position as the fourth largest cryptocurrency. Additionally, its trading volume has increased significantly by 50% in the last day.

Earlier today, BNB came incredibly close to reaching the $600 milestone, with a price of $599.8, according to CoinMarketCap data. At the time of writing, BNB is trading at $595.6, reflecting a remarkable surge of 38.6% in the past seven days.