BTC reached a new peak at $99,588 on November 22, 2024, exceeding all market expectations. Although the current BTC price has slightly adjusted to $93,555, the long-term upward trend remains very strong. With the scenario of continuing to break the psychological barrier of $150,000, BNB – Binance's native coin – has the potential to reach a price target of $2000 thanks to macroeconomic and internal factors.
Correlation Between BTC and BNB
1. BTC as a Market Indicator
• Bitcoin always plays a leading role in the entire market, and when the BTC price rises, investor cash flow usually flows strongly into major altcoins, especially foundational coins like BNB.
• If BTC rises from $93,555 to $150,000 (~60% increase), altcoins like often outperform BTC in bull market cycles.
2. BNB Has Unique Advantages
• Binance ecosystem: Binance is the largest exchange in the world, and BNB has many practical applications in this ecosystem such as reducing transaction fees, staking, participating in new projects (launchpad), and payments.
• Supply reduction policy: Binance continues to implement its periodic BNB burn program, helping to reduce the total supply and create sustainable upward pressure on the value of this coin.
BNB Price Forecast: Target $2000
If BTC reaches $150,000, BNB could rise sharply and reach a price of $2000, based on the following arguments:
1. Past Growth Performance
• In the 2020-2021 bull market cycle, BTC increased by about 300% (from ~$20,000 to ~$69,000), while BNB increased by more than 2000% (from ~$30 to peak at ~$680).
• With the scenario of BTC increasing by an additional 60%, BNB could increase 3-4 times its current price, reaching the target of $2000.
2. Momentum from the BNB Chain Ecosystem
• BNB Chain continues to expand strongly with a series of DeFi, NFT, and GameFi projects. The demand for using BNB in transactions on this blockchain will increase, pushing the value of BNB up.
3. FOMO Psychological Effect
• The $150,000 mark of BTC will stimulate new cash flow into the market, especially into altcoins like BNB. With a large market cap and a strong ecosystem, BNB will be a priority in investors' portfolios.
Risks to Consider
• Competition: Blockchains like Ethereum or Arbitrum may reduce the market share of Chain.
Conclusion
BNB is demonstrating strength with a continuous upward price trend from the bottom of $400 in August to the current $687.75. If BTC truly reaches $150,000, the target of $2000 for BNB is entirely feasible due to support from the Binance ecosystem, investor cash flow, and the overall growth effect of the crypto market. Investors need to closely monitor market signals to make appropriate decisions.