BTC could rebound in ‘coming days’ as metric signals growing buy pressure

As a seasoned cryptocurrency researcher with a decade-long journey in this dynamic field, I find the recent trends in Bitcoin particularly intriguing. The rising taker buy volume on Binance, as highlighted by Burrakesmeci, is reminiscent of patterns we’ve seen before, hinting at potential price increases.

As a crypto investor, I’ve been keeping a close eye on the trading metric known as buyer demand on Binance, which is suggesting that Bitcoin could potentially challenge the psychologically significant $100,000 price mark before the year concludes, based on the analysis of a financial expert.

According to a December 27th analysis note from CryptoQuant contributor Burrakesmeci, the Taker Buy Volume of Binance’s Bitcoin (BTC) has been forming higher troughs since October 28th. This refers to the total amount of buy transactions conducted by ‘takers’ on the exchange.

2024 is nearing its end, and Bitcoin seems to be falling short in its performance. As per the latest data from CoinMarketCap, Bitcoin’s current value stands at approximately $96,222.

Signals increasing Bitcoin investor interest

Essentially, takers can be thought of as purchasers who snap up deals at the most favorable price available at a given moment. An uptick in this measure implies growing investor curiosity and escalating demand to buy.

In simpler terms, when the low points in a chart are consistently increasing (or “higher highs”), this suggests an upward trend is occurring. Examining the CryptoQuant chart, Bitcoin‘s taker buy volume dipped below $5 billion on Dec 1st. However, by December 15th, it had risen to nearly $6 billion, and around December 25th, it reached approximately the same level again ($6 billion).

In simple terms, when the price experiences three successive lower highs but maintains higher lows, it often signals to traders that an uptrend could potentially start taking shape.

“Although the market may be overheated and experiencing corrections, the continued rise in taker buy volume suggests that we may see a price increase in Bitcoin in the coming days,” Burrakesmeci said.

Traders see familiar patterns hinting at Bitcoin history repeating

Since December 19, Bitcoin has been trading below the $100,000 mark following its initial breakthrough on December 5. Currently, it’s about 11.15% lower than its peak of over $108,300 reached on December 17.

Many cryptocurrency investors are suggesting that the current Bitcoin chart could be mirroring a pattern similar to what was seen in December 2013.

From December 2023 onwards, after the January approval for trading Bitcoin spot ETFs, Bitcoin experienced a surge of approximately 90% over the subsequent three months.

A pseudonymous crypto trader named Jack pointed out on December 26 that Bitcoin’s current price movements appear strikingly familiar to those from nearly a year ago, he stated in a post.

The well-known crypto trader known as Titan of Crypto shared a thought with their 110,100 followers, “I’m not saying this is what will happen, but the price movement of Bitcoin appears to be similar to late 2023. It seems that the pattern for 2024 may be happening about three weeks earlier than expected.

I’ve been in the world of cryptocurrencies for quite some time now, and I’ve learned that it’s always best to approach any investment with caution and a healthy dose of skepticism. This article is simply intended to provide general information and should not be taken as legal or financial advice, as everyone’s situation is different. The views, thoughts, and opinions expressed here are my own, based on my personal experience and research, and they may not reflect the views of CryptoMoon. Always do your own due diligence before making any investment decisions.

2024-12-27 08:59

Signals increasing Bitcoin investor interest

Traders see familiar patterns hinting at Bitcoin history repeating

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