- The falling Bitcoin exchange reserve supported the idea of accumulation.
- Bitcoin showed a bullish structure and is highly likely to break the $100k level in December.
As a seasoned crypto investor with over a decade of experience in this volatile market, I can confidently say that the current state of Bitcoin (BTC) is quite promising. The falling exchange reserve supports the idea of accumulation, and the bullish structure of BTC indicates that it’s highly likely to break the $100k level by December.
For the last fortnight, Bitcoin [BTC] has been fluctuating within a specific price range. Despite this brief period of sideways movement, it’s not likely to be a distributive phase because the demand, as shown by technical signs and blockchain data, continues to be robust.
Profit-taking activity was minimal, and significant sell-offs were not seen either.
Bitcoin price prediction is bullish due to…
On the day-to-day graph, Bitcoin maintains its upward trend. For this bullish pattern to reverse and become bearish, we need to see a closing of a trading day above the recent low at $90,791.
In simpler terms, as Bitcoin’s price stayed below the $98k barrier, the Money Flow Index (MFI) decreased noticeably, although it still suggested a bullish trend. However, being close to the 50-neutral mark, it hinted at potential continued growth.
It’s more probable that we’ll see less of a significant price decrease and more growth, given the CMF exceeded +0.05 significantly. This suggests substantial capital influx and high demand. Additionally, exchange reserves have been decreasing in the past few weeks, dropping below their June 2018 levels. This trend indicates a steady build-up of reserves.
On the 4-hour scale, it became evident that we were in a period of consolidation. Over the last week, there’s been a range in prices, stretching from approximately $92,000 to $99,400. Notably, the midpoint of this range, around $95,700, has served as a supportive level.
As an analyst, I’d interpret a dip below $92k on the 4-hour chart as a potential early indication of bearish sentiment. However, it’s important to note that such a drop might also be a false signal, as a temporary break below the range often precedes a rapid rebound. This could serve to squeeze out overleveraged long positions and overzealous short sellers, restoring balance in the market.
The $100k magnetic zone beckons bulls
For approximately two weeks now, the Bitcoin market has remained within a specific price range, and a significant accumulation of potential sell-off points, or liquidation levels, has been building up near the $99.8k mark. In the upcoming days, it’s anticipated that the bullish trend for Bitcoin will lead the price towards this area of interest, often referred to as a ‘magnetic zone’.
Read Bitcoin’s [BTC] Price Prediction 2024-25
In simpler terms, if there’s a series of quick sell-offs, it might trigger a chain reaction leading to a rapid increase in price. Below, around $90,000 to $93,500, lies a potential area where the market could stabilize or even bounce back.
Traders should be prepared for more volatility as BTC approaches the psychological $100k mark.
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2024-12-04 18:15