Fun

Bitcoin Price Prediction: Analyst Releases Bullish End Of Year Forecast Despite Failure At $100,000

News Feed - 2024-12-08 02:12:38

Este artículo también está disponible en español.


The Bitcoin price seems to be facing somewhat of a price failure since it crossed abovethe $100,000 price level. In the few hours after crossing above this psychological threshold, the Bitcoin price faced rejection and corrected until it reached $94,000. Related Reading Market Expert: Not Long On XRP? You’re ‘Disrespecting’ Yourself 2 days ago


However, this correction does not necessarily signal a bleakoutlook for the world’s largest cryptocurrency, especially as investor sentiment continues to hover in the extreme greed zone. According to technical analysis, the Bitcoin price is still open to climbing well above $100,000 by the end of December 2024.  Record Bitcoin Liquidations Shake The Market


Bitcoin’s broader market dynamics and investor sentiment suggest that Bitcoin’s failure at $100,000 could be a temporary pause rather than a long-term reversal. Interestingly, a detailed analysis postedon the TradingView platform supports this outlook and offers a bold prediction for the year’s end.


The analysis highlighted December 5, 2024, as a historic day for cryptocurrency liquidations.Total liquidations reached a staggering $1.1 billion, surpassing the previous record of $950 million set on August 5, 2024. The breakdown included $820 million in liquidated long positions and $280 million in liquidated short positions.


Although price data from Coinmarketcap and CoinGecko shows a bottom around $93,600, the Bitcoin price dipped to $89,000–$90,000 depending on the exchange.


According to the analysis, such a dramatic move is described as a “helicopter” on the BTCUSDT chart, and it reflects a cooling-off period due to overheating from all technical indicators.  BTC is currently trading at $99,560. Chart: TradingView


Despite the correction and crazy liquidations, the analyst maintained that Bitcoin’s uptrend remains intact. This is because the Fear and Greed Index, a popular sentiment indicator, remained in the “greed” zone at 71 despite Bitcoin’s sharp drop. At the time of writing, the Fear and Greed Index has increased to the “extreme greed” zone at 82, suggesting that market participants are still optimistic about Bitcoin’s future trajectory.


Bold Year-End Price Prediction


Interestingly, the altcoin market barely reacted to the Bitcoin price reaction, which also creates the possibility of another wave downwards before a broader market recovery. 


The analyst outlined a scenario for the Bitcoin price probably going on another decline and break below $90,000. The forecast suggests Bitcoin could drop further to the $84,000–$85,000 range before rallying to $110,000. 


Adding to the bullish narrativeis the upcoming Federal Open Market Committee (FOMC) meeting, which is scheduled to take place on December 18. Market expectations point to a 0.25% rate cut by the Federal Reserve, a move that could inject further momentum into Bitcoin’s price recovery much like the September and November rate cuts. Related Reading Dogecoin Days At The Top Numbered? Cardano Set To Take Over — Analyst 1 day ago


At the time of writing, the Bitcoin price is trading at $99,450 and is about to break above $100,000 again. On-chain data shows that Bitcoin whales have taken advantage of the price decline to load up more BTC. Particularly, addresses holding between 100 and 1,000 BTC have increased their collective holdingsby 20,000 BTC in the past 24 hours, valued at $2 billion. 


Featured image from Pixabay, chart from TradingView

News Feed

Rakesh Upadhyay12 hours agoPrice analysis 6/26: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTCAn onslaught of Bitcoin ETF applications could help BTC price find long-lasting support at the $30,000 level.2952 Total vie
Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask
Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask Banking giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and the M
Kirobo CEO Asaf Naim Explains How Building a Safety Net for DeFi Users Will Make It Bigger Than Ever
Kirobo CEO Asaf Naim Explains How Building a Safety Net for DeFi Users Will Make It Bigger Than Ever Kirobo is a decentralized application developer building out a suite of service
Cointelegraph Innovation Circle8 hours ago8 ways crypto mining companies can effectively embrace ESG practices Smart ESG practices can help crypto mining companies be more responsible members of the global community and
Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies
Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies New legislation proposed in the parliament of Kazakhstan will allow only authorized miners to mint digit
Gareth Jenkinson10 hours agoKraken set to acquire Dutch exchange BCM, eyes European expansionKraken is set to acquire the Netherlands-based cryptocurrency platform as part of its European expansion plans.1210 Total views
Binance wants the court to know US government’s position on USDC
Turner Wright5 hours agoBinance wants the court to know US government’s position on USDCThe U.S. government’s arguments on stablecoins in an unrelated criminal case could bolster Binance’s position in its civil cas
David Attlee13 hours agoArgentine central bank to introduce digital peso bill ‘as soon as possible’The Central Bank of the Argentine Republic has accelerated its work on legislation to implement a CBDC in the country
‘10:1’ odds against US Bitcoin strategic reserve by 2028: BlockTower Capital
Ciaran Lyons6 hours ago‘10:1’ odds against US Bitcoin strategic reserve by 2028: BlockTower CapitalBlockTower Capital CIO Ari Paul is prepared to “lay 10:1” against the possibility of the US creating a Bitcoin st
The Many Facts Pointing to Shinichi Being Satoshi
The Many Facts Pointing to Shinichi Being Satoshi A lesser known, yet uniquely compelling candidate for the real Satoshi Nakamoto is Japanese mathematician and number theorist Sh
India’s Prime Minister Modi: Digital Rupee Will Strengthen Digital Economy, Revolutionize Fintech
India"s Prime Minister Modi: Digital Rupee Will Strengthen Digital Economy, Revolutionize Fintech India’s prime minister, Narendra Modi, says an Indian central bank digital
Savannah Fortis13 hours agoRobot guest-conducts the Korean National Symphony OrchestraThe android robot EveR 6 and conductor Soo-Yeoul Choi co-conducted a performance of six pieces with the Korean National Symphony Orche