Date: Sun, May 18, 2025 | 05:20 AM GMT
The cryptocurrency market has mounted a solid comeback in recent weeks, with Ethereum (ETH) continuing to lead the charge. ETH has surged more than 57% in the past month and is now trading below $2,500 after hitting a high of $2,700 — a level not seen since late February. This renewed bullish momentum is lifting sentiment across altcoins, including The Bitget Token (BGB).
The CEX token is currently showing monthly gains of over 16 percent. More importantly, a well-known harmonic pattern forming on its chart suggests that further upside may be on the horizon.
Harmonic Pattern Signals More Upside
On the daily timeframe, BGB is forming a Bearish Crab harmonic pattern — a technical setup that identifies high-probability reversal zones once the final leg, known as CD, completes. Until that point, the pattern typically drives prices upward with strong bullish momentum.
The pattern began when BGB was rejected near $5.15 on March 27, which marked the X point. From there, the price declined nearly 27 percent, bottoming out at approximately $3.71 on April 7, forming the A point.
Following this, the AB leg retraced around 67.3% of the XA leg. The BC leg then pulled back roughly 51.3% of AB, which fits well within the ideal Fibonacci boundaries of a Bearish Crab structure, stabilizing near the $4.18 C level. This stabilization marked the return of bullish pressure.
Now, the CD leg is currently in play and moving strongly to the upside. According to the harmonic structure, the projected target for point D is around $6.03, aligning with the 1.618 Fibonacci extension of the XA leg. This zone is often a magnet for bullish price action and traditionally marks both the pattern’s completion and a possible reversal area.
What’s Next for BGB?
If the harmonic pattern continues to play out as expected, BGB could climb to as high as $6.03, representing an approximate 18% upside from its current level near $5.09.
Meanwhile, support is currently found near the 0.786 Fibonacci retracement level at $4.84, which is helping maintain bullish sentiment. The $5.15 zone, which previously acted as resistance at point X, may serve as a short-term hurdle before the price attempts to reach the D target.
However, traders should keep an eye on the broader crypto market. Any significant shift in Ethereum’s momentum or overall market sentiment could influence whether this pattern completes successfully — or fails prematurely.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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