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As the crypto market rallies, BNB continues to hit new record levels, surpassing some of the largest cryptocurrencies by market capitalization and leading some analysts to suggest that its end-of-year run has just started. Related Reading: Ethereum 23% Rally Pushes BitMine’s ETH Treasury Holdings To $13.4 Billion BNB Sees 30% Weekly Run After a massive Q3 rally, BNB has started the last quarter of the year with a remarkable 30% rally. Over the past week, the cryptocurrency has recorded four new all-time highs (ATHs), climbing the list of top cryptocurrencies by market capitalization. The altcoin recovered from the late September pullback a week ago, reclaiming the $1,000 barrier. At the time, Analyst Ali Martinez suggested that turning this level into support would set the stage for a 30% rally toward the $1,300 target as part of its bullish breakout from its macro range. Notably, BNB had been trading within the $200-$700 price range since 2021, finally breaking out of this zone during the Q3 rally. On Tuesday, the altcoin jumped 7% and hit a new record high of $1,330, reaching a market capitalization of $182 billion. According to CoinGecko data, BNB surpassed Tether (USDT) and XRP, becoming the third-largest cryptocurrency by this metric, only behind Bitcoin (BTC) and Ethereum (ETH). Following this performance, some market watchers have raised BNB’s price target to higher levels, suggesting that its end-of-year bull run may just be starting. Analyst NekoZ recently affirmed that the cryptocurrency was “executing a master class in trend continuation,” highlighting its performance over the past three months. According to the chart, the altcoin has had two key breakouts since July, each followed by price expansion to new highs. Now, BNB appears to be repeating the same setup, which targets the $1,500 barrier next. Similarly, Crypto Patel considers that if momentum continues throughout the Q4 run, the cryptocurrency could be heading for another 53% rally toward his second cycle target of $2,000. “You can doubt targets, but not momentum,” he wrote on X. Rally Pushes Corporate Holdings To New Highs Amid its bullish rally, Nasdaq-listed CEA Industries, the world’s largest BNB Treasury Company, announced that its total Digital Asset Treasury (DAT) strategy holdings have reached a total of $663 million in assets. The company shared that it now holds a total of 480,000 BNB tokens as part of its goal to own 1% of the altcoin’s total token supply by the end of 2025. According to the Tuesday statement, the company’s total investment amounts to approximately $412.8 million, with an average acquisition cost of $860 per token, and an estimated BNB value of $585.5 million by October 6. David Namdar, CEO of CEA Industries, commented on the milestone, stating: “BNB’s all-time highs are a clear validation that the global markets are waking up to the inherent value, credibility, scale, and utility of both the asset and underlying ecosystem.” It’s worth noting that the ecosystem has also seen a strong performance throughout the past few months, with multiple projects built on the network leading in terms of profitability. On Monday, BNB Chain revealed it had adopted Chainlink’s data standard to bring official US Department of Commerce (DOC) data directly to its blockchain. Related Reading: BNB Price Hits $1,240 Record High: Partners With Chainlink For On-Chain US Economic Data Last month, decentralized oracle provider Chainlink announced its collaboration with the US DOC to deliver crucial macroeconomic data from the Bureau of Economic Analysis (BEA) to ten blockchain ecosystems Moreover, Kazakhstan recently announced the launch of its first crypto reserve, the Alem Crypto Fund, with Binance Kazakhstan as the strategic partner, aimed at long-term investment in digital assets. As part of the partnership, Alem Crypto Fund made BNB its first investment. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin’s On-Chain Roadmap Shows $111,000 – $143,000 As The Range To Watch
As Bitcoin (BTC) resumes recording new all-time highs (ATH), focus is back on key price levels that could provide investors with an idea about the next possible resistance levels that may see a sell-off in BTC. Fresh on-chain data offers a map of BTC’s most important price levels. Bitcoin May Face Resistance At These Levels According to a CryptoQuant Quicktake post by contributor Crazzyblockk, the cost basis (Realized Price) of BTC Short-Term Holders (STH) provides a snapshot of important support and resistance zones. Related Reading: Bitcoin Sharpe-Like Ratio Shows Market In Wait-and-See Mode At $119,000 Notably, the STH Realized Price highlights the aggregate price at which recent market participants acquired their BTC. This information can give analysts an idea about potential price levels that can influence investors’ behavior to either take profits or hold their positions. Crazzyblockk highlighted multiple price levels that could function as potential profit-taking zones. For instance, <1 month Holders Realized Price, +1 Standard Deviation, hovers at $143,170. To explain, $143,170 is the price level where recent buyers (holding BTC for under a month) would, on average, be up by about one standard deviation on their cost – a zone that can trigger selling and serve as a near-term resistance. Similarly, the <1 month Holders Realized Price, 0.5 Standard Deviation, is currently around $133,239. Meanwhile, the STH-Realized Price, +1 Standard Deviation, currently sits at $131,310. The analyst added that the current BTC spot price is trading slightly above the “pivotal mid-point” level, which could determine the market’s next short-term move. In addition, the CryptoQuant contributor noted multiple key support zones that could function as potential re-accumulation zones for BTC investors. These levels include $117,763, $111,963, and $103,239. Fellow crypto analyst, Titan of Crypto, noted that while BTC has made a new ATH above $125,000, it must now break above the ascending channel and aim for a $130,000 target. Failure to break through could lead to price correction for the cryptocurrency. Potential BTC Targets? While some analysts fear that BTC is close to topping out for this market cycle, others are relatively more optimistic. For example, seasoned crypto analyst Ali Martinez predicts that BTC may reach $140,000 based on pricing bands. Related Reading: Bitcoin Market Sees Over 73,000 BTC Influx Into Wallets Younger Than 1 Month – Is A Rally Near? Similarly, crypto analyst Alex Adler Jr. forecasted that BTC may surge as high as $160,000 if two key conditions are met. Further, depleting BTC reserves on crypto exchanges may hasten the digital asset’s upward price trajectory. Finally, if Bitcoin follows its trajectory from the 2021 market cycle, then it could target at least $136,000, with an extended target of $147,000. At press time, BTC trades at $122,113, down 2.2% over the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com
Bitcoin’s On-Chain Roadmap Shows $111,000 – $143,000 As The Range To Watch
As Bitcoin (BTC) resumes recording new all-time highs (ATH), focus is back on key price levels that could provide investors with an idea about the next possible resistance levels that may see a sell-off in BTC. Fresh on-chain data offers a map of BTC’s most important price levels. Bitcoin May Face Resistance At These Levels According to a CryptoQuant Quicktake post by contributor Crazzyblockk, the cost basis (Realized Price) of BTC Short-Term Holders (STH) provides a snapshot of important support and resistance zones. Related Reading: Bitcoin Sharpe-Like Ratio Shows Market In Wait-and-See Mode At $119,000 Notably, the STH Realized Price highlights the aggregate price at which recent market participants acquired their BTC. This information can give analysts an idea about potential price levels that can influence investors’ behavior to either take profits or hold their positions. Crazzyblockk highlighted multiple price levels that could function as potential profit-taking zones. For instance, <1 month Holders Realized Price, +1 Standard Deviation, hovers at $143,170. To explain, $143,170 is the price level where recent buyers (holding BTC for under a month) would, on average, be up by about one standard deviation on their cost – a zone that can trigger selling and serve as a near-term resistance. Similarly, the <1 month Holders Realized Price, 0.5 Standard Deviation, is currently around $133,239. Meanwhile, the STH-Realized Price, +1 Standard Deviation, currently sits at $131,310. The analyst added that the current BTC spot price is trading slightly above the “pivotal mid-point” level, which could determine the market’s next short-term move. In addition, the CryptoQuant contributor noted multiple key support zones that could function as potential re-accumulation zones for BTC investors. These levels include $117,763, $111,963, and $103,239. Fellow crypto analyst, Titan of Crypto, noted that while BTC has made a new ATH above $125,000, it must now break above the ascending channel and aim for a $130,000 target. Failure to break through could lead to price correction for the cryptocurrency. Potential BTC Targets? While some analysts fear that BTC is close to topping out for this market cycle, others are relatively more optimistic. For example, seasoned crypto analyst Ali Martinez predicts that BTC may reach $140,000 based on pricing bands. Related Reading: Bitcoin Market Sees Over 73,000 BTC Influx Into Wallets Younger Than 1 Month – Is A Rally Near? Similarly, crypto analyst Alex Adler Jr. forecasted that BTC may surge as high as $160,000 if two key conditions are met. Further, depleting BTC reserves on crypto exchanges may hasten the digital asset’s upward price trajectory. Finally, if Bitcoin follows its trajectory from the 2021 market cycle, then it could target at least $136,000, with an extended target of $147,000. At press time, BTC trades at $122,113, down 2.2% over the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com