As a seasoned analyst with over two decades of experience under my belt, I have seen market cycles ebb and flow like the tides. The current Bitcoin price action is reminiscent of the bull runs we witnessed in 2017, albeit with a more mature and established market behind it.
The cost of Bitcoin has persisted in its tight range below the $99,000 mark, yet investors are resolute in attempting to surpass the six-digit threshold. This optimistic outlook is conveyed through an analysis on the TradingView platform, with cryptocurrency analyst Waslad urging investors to keep their Bitcoin.
BTC’s Bullish Setup Within A Broadening Wedge Pattern
According to the analyst’s observations, Bitcoin’s price has been following a widening triangle formation since early November. This technical pattern is characterized by a progression of higher highs and higher lows. The analysis by Waslad primarily focuses on how the Bitcoin price will move within this expanding triangle structure, with the predicted price reaching significantly beyond $100,000.
Nonetheless, the analyst pointed out that the $99,600 mark poses a significant hurdle on the path to a $100,000 Bitcoin value. Overcoming this barrier would not only boost investor confidence but also pave the way for Bitcoin’s price to reach its next substantial target of $100,000.
The analyst suggests buying back Bitcoin while it’s trading within its current range, as they believe the $99,600 level is a suitable ceiling for investors aiming to profit from the expected breakout. If Bitcoin surpasses the $99,600 resistance, Weslad foresees a significant surge, pushing the price up to around $115,000 to $117,000. This would represent a 19% or 21% increase from the current Bitcoin value, depending on the specific price reached. This forecast lines up with the general market outlook, as many traders expect more gains during the ongoing bullish trend.
Risky Moves For Bitcoin
As a crypto investor, I’ve noticed an uptick in holder dynamics that could potentially add selling pressure to the Bitcoin price. Notably, on-chain data has shed light on a substantial transaction made by the US government – they transferred about 20,000 BTC, currently valued at around $1.92 billion, into Coinbase wallets. This move might be interpreted as a potential increase in supply on the market, which could impact the Bitcoin price in the short term.
The proposed action might lead to worries about a potential mass sale from the U.S. authorities, possibly intensifying the market’s downward trend temporarily. Consequently, this could disrupt Bitcoin’s advancement toward $100,000 in the immediate future.
Regardless, any potential drop in BTC prices would likely be offset by the robust buying enthusiasm. The main factor fueling this interest is the increasing investment into Spot Bitcoin ETFs. As per CryptoQuant, the demand for Bitcoin ETFs is currently comparable to when they were first approved this year. Furthermore, data from SoSoValue indicates that Spot Bitcoin ETFs have experienced inflows for four consecutive days, with an inflow of $675.97 million on December 3.
As an analyst, I find these market trends compelling, hinting that Bitcoin might hit the $100,000 mark before the year draws to a close. Currently, Bitcoin is trading at approximately $96,668, registering a modest increase of around 1% over the past day.
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2024-12-05 00:11