The crypto market continues to build momentum as October kicks off with a bullish tone. Bitcoin (BTC) and Ethereum (ETH) have surged around 10% and 12% respectively over the past week — and this optimism is rippling across major altcoins including Bitget Token (BGB).
BGB has climbed nearly 9% in the last seven days, and more importantly, its chart structure hints that a major bullish breakout could be on the horizon.
Source: Coinmarketcap
Double Bottom Formation in Play
A closer look at the weekly chart reveals that BGB is carving out a double bottom pattern, one of the most reliable bullish reversal setups in technical analysis.
Bitget Token (BGB) Weekly Chart/Coinsprobe (Source: Tradingview)
After rebounding sharply from the $4.00 support area — marking the second bottom — BGB has steadily climbed toward the key neckline resistance near $5.70–$5.84. This zone is crucial, as a breakout above it could confirm the reversal and potentially trigger a new uptrend phase.
The pattern’s symmetry and the gradual rise in momentum strengthen the case for a bullish move.
What’s Next for BGB?
If Bitget Token manages to break above the neckline resistance with strong volume confirmation, it would validate the double bottom structure. In that scenario, the projected upside target could reach around $7.69, based on the height of the pattern — translating to roughly a 35% potential rally from current levels.
On the other hand, failure to break above the neckline may result in short-term consolidation before another attempt to push higher.
For now, all eyes remain on BGB’s price action near the neckline — a successful breakout could mark the beginning of a new bullish phase for the exchange-backed token.
