Hash Global, in a report, has said that Binance Coin (BNB) may be gearing up to make an almighty breakout above the $2000 threshold. According to the report, BNB can reach a price of 2039.58, which is an increase of nearly 155.1% as compared to the current price. Changpeng Zhao (CZ), the founder of Binance, said that he is not an expert on valuation models, but added that the prior Hash Global projections have been more or less accurate.

Binance Coin To Go Beyond $2000?

BNB has hit multiple all-time highs over the last few months. The coin’s most recent peak of $858.34 was attained on July 28 of this year. BNB’s price has fallen by nearly 7% from its recent high. The asset is currently following the market-wide dip. CoinGecko’s BNB data notes that BNB’s price has fallen 0.4% in the daily charts and 3% in the 14-day charts. The asset has maintained its gains in the other timeframes. BNB is up 5% over the previous week, 16.1% over the previous month, and 57.8% since August 2024.

The latest dip is likely due to investors taking a step back before the Consumer Price Index (CPI) data is released. Many anticipate a rise in CPI and Core CPI figures. Higher CPI numbers may lead to the Federal Reserve keeping interest rates unchanged once again. There is also the possibility that the Federal Reserve will hike interest rates if inflation continues to burden the US economy. BNB and the larger crypto market could suffer under such conditions.

Also Read: $1000 in Binance Coin (BNB) Has Yielded $7 Million In 8 Years

However, many industry experts expect the Federal Reserve to cut interest rates by 25 basis points in September of this year. A rate cut could lead to increased inflows into the crypto market as investors take on more risks. BNB could surge to a new all-time high if the Federal Reserve slashes interest rates and makes borrowing easier.