The crypto market may be picking up steam. The market faced a substantial price dip over the last month. Bitcoin (BTC) dropped to November 2024 levels after hitting a new all-time high in January. Despite the pullback, the market is showing signs of a slow recovery. Binance’s BNB coin is up 10.4% in the weekly charts, 2.3% in the 14-day charts, and 19.8% since March 2024. Despite the rally, BNB has dipped 3.3% in the last 24 hours and 8.1% over the previous month.
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Another Bull Run Around The Corner
It is possible that we are in the early stages of another bullish leg. The crypto market rallied after Donald Trump won the US Presidential race due to his pro-crypto policies. Bitcoin (BTC), Binance’s BNB, Solana (SOL), etc. hit new all-time highs over the last few months. BNB rose to a peak of $788.84 in December last year. The asset has since dipped by nearly 22%.
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The latest market resurgence could be due to investors anticipating a positive outcome in the FOMC meeting. There is a possibility that the Fed will cut interest rates very soon. The move could lead to a market-wide rally. BNB could rise to never-before-seen levels under such conditions.
BNB Predicted to Breach $1000
According to CoinCodex, Binance’s BNB will breach the $1000 mark on Apr. 11. The platform does not expect BNB to stop at $1000. CoinCodex predicts BNB will trade at a new all-time high of $1454.58 on May 10. BNB’s price will rally by 136.18% if it hits the $1454.58 target.
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If the Fed takes a hawkish stance with its monetary policy, BNB’s rally could be postponed. The global economy is still quite shaky and may affect the crypto market.