Bitget Token Forms New All-Time High, Marks 430% Rally In Four Weeks

Bitget Token (BGB) has surged significantly this month, rallying by 430% and forming new all-time highs (ATHs) throughout December. 

The altcoin has seen exceptional growth, with its price continuing to climb despite the looming threat of profit-taking. However, strong investor conviction appears to be reducing the likelihood of a major sell-off.  

Bitget Token Holders Are Bullish

The Price DAA Divergence indicator has been flashing sell signals for BGB over the past 48 hours, reflecting rising profits among investors. With Bitget Token showing consistent gains, some holders might be tempted to secure their profits, which could temporarily stall the uptrend.  

Despite the sell signals, the broader sentiment remains optimistic. The extraordinary performance of BGB this month has attracted attention, but caution is warranted as the altcoin’s meteoric rise makes it vulnerable to short-term selling pressures. Investors are closely monitoring these signals for signs of a shift in momentum.  

BGB Price DAA Divergence. Source:  Santiment

Bitget Token’s macro momentum suggests strong long-term support from HODLers. Over the past month, the proportion of supply held by long-term investors has increased by 11%. These investors, who typically hold assets for over a year, play a crucial role in maintaining price stability and market confidence.  

This growing HODLer base demonstrates high conviction in BGB’s long-term potential, counteracting the risks of near-term selling. With strong fundamentals underpinning the token, BGB is positioned to weather any temporary dips caused by profit-taking, maintaining its overall bullish outlook.  

BGB Supply Distribution. Source: IntoTheBlock

BGB Price Prediction: ATHs Continue

Bitget Token has posted a 44% increase in the last 24 hours, reaching a new ATH of $8.49 during the intra-day high. This marks the fourth ATH for BGB in just one week, showcasing its remarkable momentum and investor interest.  

Over the course of December, BGB has surged by nearly 430%, putting it on track for continued growth. If this trend persists, the token could soon breach the $10.00 mark, further solidifying its position as a standout performer in the crypto market. 

BGB Price Analysis. Source:  TradingView

However, the potential for profit-taking remains a concern. If selling pressure intensifies, BGB’s price could fall, potentially slipping to $4.90. This scenario would invalidate the bullish outlook, highlighting the importance of sustained buying support to maintain upward momentum.