BNB Price Expects $1000 Rally as Osprey Trust Drives Institutional Interest

Powell's hawkish statement on Wednesday boosted bitcoin selling pressure. Bitcoin fell below $100k while other major cryptocurrencies, including Binance coin, corrected. A bullish reversal pattern and the newly announced Osprey BNB Chain Trust suggest a strong return for BNB.

The Binance coin price is $668, down 3.7% in 24 hours, according to CoinGecko. Trading volume fluctuates at $2.5 Billion, while the asset's market valuation remains $100.12 Billion.

The new Osprey BNB Chain Trust should boost institutional and retail Binance currency demand.

Inverted head and shoulder reversal pattern completes in BNB price on weekly chart.

As the neckline of the InH&S pattern, $690 supports buyers to maintain the uptrend.

Osprey Funds Founds First US-Listed BNB Trust

The OTCQX Best Market currently lists the Osprey BNB Chain Trust, launched by Osprey Funds, LLC. The first publicly traded US fund based on BNB, the native cryptocurrency of the BNB Chain ecosystem, is a milestone.

The move reflects institutional interest in blockchain-based assets and BNB's rising financial sector presence. For BNB exposure without token ownership, the trust provides a structured investment mechanism.

Trust attracting more people and investment confidence would boost BNB price demand.

BNB Price Reversal Rally Targets $1200
The Binance currency has failed to stay above $760 for two weeks, causing sideways activity on the daily chart. BNB fell to $687, challenging support at the neckline of an inverted head and shoulders (InH&S) pattern as Bitcoin prepares to breach $100,000.

The BNB price accumulated from May 2021 due to the InH&S pattern until November, when it broke out.

If the pattern holds, the correction is retesting the violated trendline as support to rekindle bullish momentum. According to the pattern's technical forecasts, the neckline-bottom support distance predicts a rally goal of $1,200, a 72% increase from present levels.

#BNB #BinanceAlphaAlert #BTCNextMove #MarketPullback $BNB $BTC $ETH