Binance’s BNB token has faced a significant correction of late. The asset is down 1.8% in the daily charts and 10.5% in the weekly charts. Despite the dip, BNB has maintained some gains in the other time frames. The sixth-largest crypto by market cap has rallied 9.6% in the 14-day charts and 10.3% over the previous month. BNB’s price has also risen by 192.3% since December 2023.
Source: CoinGecko
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Why Is The Asset Facing A Correction?
Source: Binance
Binance’s BNB is likely following the general market bearishness at the moment. Bitcoin (BTC) recently fell below $95,000 for a brief period. BTC’s dip might have been due to Google’s CEO revealing the company’s Willow quantum computing chip. The chip is capable of solving large computations in a short time. Many began to speculate that the chip could potentially crack BTC’s cryptography.
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The correction could also be due to investors booking profits. BNB hit an all-time high of $788.84 on Dec. 4, 2024. Market participants may have liquidated some holdings to book profits.
BNB Predicted To Hit $1000
Despite the recent correction, many are bullish on BNB’s performance. According to CoinCodex, BNB will breach the $1000 mark next year. The platform anticipates the asset to trade at $1071.52 on Mar. 9, 2025. Hitting $1071.52 from current price levels will entail a rally of about 57.5%.
Source: CoinCodex
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Changelly, on the other hand, is quite bearish on Binance’s BNB token. The platform anticipates the asset to trade at a potential maximum price of $615.61 in March 2025. Reaching $615.61 from current price levels will entail a dip of about 9.5%.
Source: Changelly
How BNB performs over the next few months is yet to be seen. The asset could surge to a new all-time high or it could face another correction over the next few weeks.
