Bitcoin Holds Steady in Anticipation of Potential Price Surge, Analyst Suggests
Summary:
Bitcoin maintained a steady trading pattern as the Dec. 24 trading week ended, while a well-known analyst forecasted a price upswing for the cryptocurrency. Despite a consistent price of around $43,500, Bitcoin was deemed primed for an upward move, citing recent flat trading as a sign of accumulation. Binance data pointed to a significant resistance level at just below $45,000, correlating with around $92 million in ask liquidity, according to Material Indicators. Although trading during the holiday season might not be enough to encourage a bullish surge, the possibility of resistance weakening remains. As the year end approaches, Bitcoin anticipates modest December gains according to CoinGlass.
As the trading week drew to a close on Dec. 24, Bitcoin (BTC) managed to maintain its tight trading pattern, while an analyst anticipated a substantial rise in BTC's price. Data from Cointelegraph Markets Pro and TradingView revealed Bitcoin's steady performance over the weekend, which began during the Wall Street trading week's conclusion. This period, which occurred just before Christmas, saw Bitcoin steering away from market volatility induced by the most recent U.S. macroeconomic data.
Despite remaining around the $43,500 mark, renowned analyst and trader Credible Crypto suggests that the dominant cryptocurrency is perfectly positioned for a valuation surge. He conveyed through X (previously known as Twitter) that the recent static trading signal points towards an accumulation of Bitcoin. He expressed optimism for a leap towards the $50,000 mark citing signs of final accumulation. The resetting of market indicators, he explained, is an essential factor in propelling the price higher.
In terms of market data for the BTC/USDT pair on the global trading giant, Binance, resistance levels of significance were outlined. The day's primary resistance level was slightly under $45,000 and tallied with roughly $92 million in ask liquidity, as reported by trading platform Material Indicators.
On the other hand, Keith Alan, co-founder of Material Indicators, speculated that holiday trading might not generate the momentum needed for a bullish breakthrough. However, he mentioned that if liquidity owners decide to redistribute, the resistance could potentially weaken. He expressed his belief that a continuous consolidation or correction would be advantageous for the market.
With the approach of the end of the year, Bitcoin seems to be heading for modest gains in December. CoinGlass data indicates a 16% growth for the month up to Dec. 23. However, the quarterly performance of a 62% increase is especially notable – it marks Bitcoin's best quarterly performance since 2020.
Forecasts for BTC's price, as regularly reported on by Cointelegraph, currently anticipate a peak of $48,000 prior to the crucial calendar date for most market players – the projected authorization of the first U.S. Bitcoin spot price exchange-traded fund (ETF). However, there’s popular speculation of a major market turnaround occurring around or after the announcement, due for Jan. 10, 2024.
This information does not stand as investment advice or a recommendation. All investments and trading actions carry inherent risks, and individuals are advised to undertake their own research before making a decision.
Published At
12/24/2023 12:16:27 PM
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