As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous cycles and trends unfold before my eyes. The Bitcoin (BTC) price action we’re currently observing bears a striking resemblance to the market dynamics of late 2017 – early 2018, when the cryptocurrency soared to unprecedented heights only to experience a significant correction shortly thereafter.
On December 11, Bitcoin (BTC) was seeking a respite around the $98,000 mark, as markets bounced back following a rebuff by tech behemoth Microsoft.
BTC price shrugs off Microsoft snub
The data, gathered from CryptoMoon Markets Pro and TradingView, indicated that the Bitcoin price reached its highest points during the day before the Wall Street market opened.
Yesterday, Bitcoin experienced increased selling due to some market pressure, which was further intensified when it was announced that Microsoft chose not to integrate Bitcoin as part of its corporate treasury.
According to CryptoMoon’s report, crypto experts criticized the move as being narrow-minded. Among them was Michael Saylor, CEO of MicroStrategy, a business intelligence firm, who proposed the idea to the Microsoft board in early December.
He said in a recent post on X that ‘in five years, people will comprehend’. His point being that everyone purchases Bitcoin at its fair market value.
“BTC doesn’t wait. It simply transfers wealth to those who see.”
As a researcher observing the BTC/USD market dynamics, I’ve noticed an interesting shift. After initially showing signs of being held down, the pair managed to regain its upward trajectory, trading approximately 1.5% higher at the moment this analysis was compiled.
In his recent analysis focusing on the biggest international exchange Binance, the trader known as Skew concluded that the market seems to have reached or stabilized at its equilibrium point.
Skew identified clear lines of bid and ask liquidity, leading to a tug-of-war for market control between buyers and sellers.
In essence, this implies the Equity (EQ) value is approximately $97,000. In other words, buyers must maintain dominance above $98,000 to potentially reach $100,000, while sellers need to exert control below $96,000 in order to try and break the demand barrier.
Bitcoin “literally mimicking” December 2023
Currently, Michael van de Poppe, a trader, analyst, and entrepreneur, is making similar observations about Bitcoin’s price movement as compared to what we saw around this time last year.
In this situation, he informed his X followers that both Bitcoin and alternative cryptocurrencies might experience a further decline before they resume their climb towards the end of the year.
“Bitcoin is literally mimicking the price action from last December,” a dedicated X post read.
“I’m not sure whether we’ll get such a deep correction, but I do know that it’s time for Altcoins to shine again.”
Anticipation ran high today, as analysts predicted an increase in market turbulence following the unveiling of the November U.S. Consumer Price Index (CPI) figures.
This week’s initial major data release, Consumer Price Index (CPI), is expected to indicate persistent inflation patterns according to market expectations.
“At some point soon there will be some spook around higher prices & costs,” he forecast.
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2024-12-11 13:36