BNB Holders Are Optimistic After Standard Chartered Bank Issued a Bullish Long-Term Forecast

Binance Coin (BNB) holders are optimistic after Standard Chartered Bank issued a bullish long-term forecast. The bank is predicting the token will increase to $2775 by 2028.

Standard Chartered has issued a bullish long-term price prediction for Binance Coin (BNB), aiming for a price of $2,775 by 2028. This ambitious target would be a nearly 4.5x increase from its current price of around $598. The prediction comes from Geoff Kendrick, head of digital asset research at the bank.

In a recent note, Kendrick highlighted a strong historical correlation between BNB and an unweighted basket of Bitcoin and Ethereum. “BNB has traded almost exactly in line with an unweighted basket of BTC and ETH since May 2021, in terms of both return and volatility,” he noted.

This observation becomes particularly interesting as Standard Chartered also predicts Bitcoin to reach $150,000 by 2028, and Ethereum to hit $20,000 during the same period. Considering these price targets and applying an unweighted average to the three tokens would result in an average price of $156,666. However, Standard Chartered's prediction for BNB is significantly lower than this average.

Earlier this year, asset manager VanEck filed for a spot BNB ETF, which could be a significant development for Binance. Moreover, Kyrgyzstan is reportedly considering adopting Binance Coin as part of its national cryptocurrency reserve. This suggestion was made by former Binance CEO Changpeng Zhao in a meeting with the country's president.

These developments could add credibility to Standard Chartered’s long-term outlook and suggest that BNB’s value is poised to increase over the next few years.

However, not all indicators point to immediate growth. According to CoinMarketCap, BNB has gained only 2% over the past year. The token is underperforming compared to other tokens like Bitcoin and Solana, which have seen triple-digit gains.

The fear & greed index, sitting at 59, shows “greed,” yet price momentum has been weak. BNB’s 50-day SMA is $604, which is slightly above its current price. On the other hand, the 200-day SMA sits at $625. The 14-day Relative Strength Index reads 50.21, indicating neutral momentum.

If Standard Chartered’s $2,775 forecast comes to pass, it will be a significant gain for long-term investors who are able to stomach the volatility and uncertainty of the crypto market. The predictions could come true considering BNB’s expanding role in ETF applications and sovereign reserve consideration, not to mention the strong historical alignment of BNB with Bitcoin and Ethereum trends.

If countries like Kyrgyzstan begin including BNB in their national reserves, it will likely lead to a rise in the token’s price. Additionally, the approval of a BNB ETF will only lead to more institutional interest in Binance.

However, traders seeking short-term profits may need to exercise caution, as technical signals continue to show mixed sentiments. For now, BNB holders appear divided. Some fear declines, while others are emboldened by the promise of exponential returns by 2028.