After rebounding over 13% from a local low near $800, BNB is showing new bullish momentum. Analysis indicates that its trading price broke through $910 on Wednesday, aiming to re-challenge the $1000 mark.
Key Points:
The combination of BNB's double bottom pattern, descending wedge breakout, and liquidation pressure points to a target price range of $1020-$1115 in December.
If it fails to hold above $900, it may lead to the invalidation of the bullish setup, making it difficult to achieve the $1000 target.
Technical analysts note that BNB's rebound is supported by a double bottom pattern formed on the four-hour chart, which developed in the $800-$820 demand zone.
After forming two similar lows (Bottom 1 and Bottom 2), the price has shown a significant rebound, indicating that selling pressure in the market is weakening and low-level buyers are actively stepping in.
Market experts believe that if the price breaks through the neckline of the pattern (currently located in the $900-$920 resistance zone), this structure typically signals a trend reversal is imminent.
A confirmed breakout of this area could trigger a short-term rally, with a December target price of $1020, which intersects with the 0.382 Fibonacci retracement line.
It is worth noting that if the price cannot hold above the neckline, the pattern will fail, significantly increasing the likelihood of BNB dropping to around $860 near the 20-4H (green) and 50-4H (blue) exponential moving averages (EMAs).
The liquidation heatmap on CoinGlass shows approximately $112.28 million in short liquidation leverage near $1020, strongly suggesting that price momentum may accelerate towards this level in December.
The liquidation heatmap indicates where leveraged traders may be forced to close their positions. In the current situation, a large number of traders seem to be shorting BNB near the current price level.
If the price continues to rise under the positive outlook for risk assets, these short positions will begin to incur losses and may be automatically liquidated by exchanges.
When shorts are liquidated, traders are forced to buy BNB, creating additional upward pressure on the price. This dynamic mechanism can act as a temporary catalyst, potentially drawing the price towards the $1020 liquidation cluster.
BNB has successfully broken through a descending wedge pattern formed over several weeks, a technical structure that typically presents a bullish resolution after a prolonged sell-off.
From the four-hour chart, BNB broke above the descending upper trend line of the wedge at the end of November, followed by a brief pullback to retest that line as a support level, which is a common and constructive breakout confirmation pattern.
The successful rebound from this retest indicates that buyers are gradually regaining control of the market trend.
If this breakout remains valid, based on the wedge measurement target, BNB's price is expected to reach the $1100-$1115 range in December. Trading analyst CryptoBull_360 is even more optimistic, predicting that BNB's price could climb to $1300 or higher.
However, market analysts point out that if the price continues to fall below the previous resistance-turned-support area, it may weaken the current bullish pattern, potentially trapping breakout traders who bought at higher levels and delaying any sustained recovery above $1000 for BNB.
Related: Binance appoints co-founder He Yi and Richard Teng as co-CEOs
Original: “Can BNB Price Retake $1K This Week?”
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