BGB (BGBC) Price Prediction: Will the Altcoin Recover and Form a New All-Time High (ATH)?

BGB price analysis reveals a 14% surge in price over the last 24 hours, bringing the altcoin closer to forming a new all-time high (ATH). However, despite the recent gains, investor sentiment toward BGB has turned bearish for the first time since mid-November.

This skepticism is driven by December’s sharp correction, which eroded confidence among holders. As a result, many traders are now questioning the sustainability of BGB’s recovery.

BGB Holders Turn Bearish

A closer examination of market sentiment reveals a shift toward pessimism among investors, with weighted sentiment turning negative. This metric, which assigns greater weight to recent data points, highlights a growing skepticism in the market.

The bearish sentiment follows a period of optimism, which began in mid-November and saw traders anticipate a quick recovery in BGB price. However, December’s correction and the price volatility have impacted confidence.

Now, as the price attempts to recover, traders are expressing doubt in the sustainability of the rally. This pessimism is also evident in the lack of optimism from long-term investors, who had hoped for a swift recovery in 2024.

However, technical indicators suggest the bearish trend may be coming to an end. The Moving Average Convergence Divergence (MACD) indicator is nearing a bullish crossover, which could mark a shift in momentum.

If confirmed, this would be a key signal for BGB to sustain its current recovery. Renewed momentum would provide the basis for the altcoin to move closer to breaking its ATH. Without this, the uncertainty in the market could continue to impact the price.

BGB Price Surges 14%, Eyeing New ATH

BGB price surged 14% in the last 24 hours, reaching $7.22 after successfully establishing support at $5.73. This rapid recovery follows a period of consolidation and sideways movement.

Now, as the price recovers, traders are keeping an eye on the next resistance level, which could determine whether BGB will continue to rally or face resistance.

For BGB to reach a new ATH, it must surpass the current high of $8.49. Achieving this milestone would mark a gain of 18% from its current price. However, mixed signals in the market may present challenges at this resistance level.

If broader market cues turn bearish or investors choose to secure gains, BGB price could fall below the $5.73 support. A drop to $4.90 would invalidate the bullish outlook, raising concerns about the altcoin’s ability to sustain its recovery efforts.