Will BNB Price Reach $1,000 This December?

As of now, BNB is displaying renewed bullish momentum, having bounced back over 13% from a recent low near $800. The cryptocurrency traded above $910 on Wednesday, aiming for a potential rally back to $1,000.

Key Takeaways:

Patterns Indicate Bullish Movement: BNB’s formation of a double bottom and a breakout from a falling wedge model suggest a price target of $1,020 to $1,115 for December.
Support is Crucial: If BNB fails to maintain its position above $900, the bullish outlook toward $1,000 could be invalidated.

BNB/USD Daily Chart. Source: TradingView

Will BNB Price Reach $1,000 This December?

Understanding BNB’s Bullish Reversal

BNB's recent rebound is supported by a developing double-bottom pattern on the four-hour chart, which emerged in the $800 to $820 demand zone. After establishing two similar low points—referred to as Bottom 1 and Bottom 2—the price has made a notable recovery, implying that selling pressure is beginning to ease and that buyers are stepping in.

BNB/USDT Four-Hour Chart. Source: TradingView

Typically, the structure of a double bottom indicates a reversal of the trend when the price breaks above the neckline, currently situated around the $900 to $920 resistance area. A confirmed breakout in this zone could initiate a sharp short-term rally toward the target zone of $1,020 in December, coinciding with the 0.382 Fibonacci retracement line. However, if BNB fails to remain above the neckline, the likelihood of a drop towards the 20-4H (green) and 50-4H (blue) exponential moving averages, approximately $860, increases.

The Role of Liquidation Clusters

The liquidation heatmap from CoinGlass indicates about $112.28 million in short liquidations near the $1,020 level, suggesting that any upward price momentum could accelerate toward this point in December.

Binance BNB/USDT Liquidation Heatmap (1 Month). Source: CoinGlass

Liquidation heatmaps showcase areas where leveraged traders may be forced to exit their positions. Many traders are currently betting against BNB, and as these short positions start to incur losses, they can be automatically closed by exchanges when prices rise, especially in light of the improving outlook for risk assets. This liquidation can lead to more buying of BNB, creating additional upward pressure on the price. Thus, this dynamic may function as a temporary catalyst driving prices toward the $1,020 liquidation cluster.

Breakout from Falling Wedge Enhances Bullish Prospects

BNB has recently exited a multi-week falling wedge, a pattern that usually resolves in a bullish manner after extended sell-offs.

BNB/USDT Four-Hour Chart. Source: TradingView

On the four-hour chart, BNB broke through the upper descending trendline of the wedge in late November but did briefly pull back to confirm this breakout as support—a common and constructive sign. The strength of the rebound from this retest indicates that buyers are regaining control.

Related: Binance Names Co-Founder Yi He as Co-CEO Alongside Richard Teng

If the breakout holds, the measured upside target from the wedge points toward the $1,100 to $1,115 region in December. Trader CryptoBull_360 has even projected BNB prices could rise further to $1,300 or higher.

Source: X

Nevertheless, if BNB sustains a move back below the former resistance-turned-support zone, it could weaken the bullish setup, risk trapping breakout traders, and delay any significant recovery above $1,000.