Bitget Token (BGB) Price Analysis: Will the Rally Continue for Today’s Biggest Crypto Gainer?

BGB Price Analysis

The daily BGB chart highlights a parabolic price movement defined by an Elliott Wave structure from Waves 1 through 5. Before this significant breakout, the token was in a prolonged accumulation phase below $1.50, representing a key psychological and technical resistance.

The breakout triggered a strong rally, with Wave 1 initiating upward momentum and Wave 3 marking the most aggressive price climb. In Wave 5, BGB has reached nearly $6.70, showcasing extreme bullish momentum and signaling potential exhaustion.

The breakout above $1.50 was pivotal, acting as the foundation for the subsequent waves. Wave 3’s sharp incline with increasing volume confirmed strong buyer interest, while Wave 4 exhibited only a shallow correction, further emphasizing bullish dominance.

This shallow retracement usually happens according to the rules and guidelines of the Elliott Wave which further strengthens our conviction. It ended on Dec. 24 and was quickly followed by a strong push into Wave 5.

The parabolic nature of the last move reflects robust market confidence but raises concerns about the sustainability of the trend.

The Relative Strength Index (RSI) reinforces these signals, as it indicates overbought conditions, especially in Wave 5. While the lack of major corrections throughout the rally suggests sustained demand, it also heightens the risk of sharp reversals if momentum falters. Caution is advised as extreme bullish trends are often followed by periods of consolidation or retracement.

BGB Price Prediction

The 1-hour BGB chart highlights the continuation of its bullish Elliott Wave structure, transitioning from Wave 4 into Wave 5. Wave 4 formed a symmetrical triangle, and its breakout above $4.30 marked a decisive move above $6.77, the 1.618 Fibonacci extension level.

This upward trajectory remains intact, with Wave 5 likely targeting higher Fibonacci levels. The RSI hovers in overbought territory, underscoring the strength of upward momentum, but also hinting at the possibility of consolidation before further gains.

Wave 5 projections suggest extension targets around $7.56 (2.0 Fibonacci) and $8.12 (2.272 Fibonacci). The breakout from the symmetrical triangle not only confirmed the bullish trend but also validated key support levels, with $6.77 acting as the immediate floor. While a minor pullback to $6 or slightly below could occur, there are no immediate signs of a trend reversal. The broader wave structure and alignment with Fibonacci targets strongly favor further upside.

Even if the price finds resistance at the 1.618 Fib extension the following downturn should be a local, lower-degree correction, that would serve to bring the price back from being overbought. However, if this downturn brings the price significantly lower in the sub $5.50 region, the bullish outlook might be in question.

Should the bullish trajectory persist, the 2.618 Fibonacci extension at $8.83 could serve as a stretch target for Wave 5. However, failure to maintain momentum may lead to retracement toward critical support levels, such as $5.49 (1.0 Fibonacci) or $5.08 (0.786 Fibonacci). A breakdown below $4.71 (0.618 Fibonacci) would invalidate the current wave count and signal a deeper correction.

Key Levels to Watch

• Immediate resistance: $7.56 (2.0 Fibonacci extension) and $8.12 (2.272 Fibonacci extension).
• Major resistance: $8.83 (2.618 Fibonacci extension).
• Immediate support: $6.77 (1.618 Fibonacci extension).
• Critical retracement support: $5.49 (1.0 Fibonacci), $5.08 (0.786 Fibonacci), and $4.71 (0.618 Fibonacci).